Instony

About Instony

Founded in 2011 and based in Shanghai, China, Instony operated as a third-party online insurance marketing platform. The company, whose full name is Shenzhen Qianhai Yishi Network Technology Co., Ltd., focused on the development and sale of travel insurance and other personal insurance products. Instony utilized a "SAAS+Big Data+O2O Service" model to enhance the efficiency of its product offerings and reduce the costs associated with new product trials for its business clients.

The firm successfully raised a total of $84 million over two funding rounds. Its first round in March 2014 was a seed round that brought in $4 million from Leading Capital. This was followed by a significant private equity round of $80 million in January 2015, with investors including Cowin Capital and Guotai Junan Securities. Instony's strategy involved cross-selling insurance by offering ancillary services. A key initiative was the distribution of free Wi-Fi dongles to Chinese tourists traveling abroad, through which the company would then market travel insurance.

The Instony app, which achieved 25 million downloads, provided a range of niche insurance products. These included coverage for flight delays, luggage loss, traffic accidents, dental issues, and even phone screen cracking. The company also offered unique services such as free visa application translation and sleep disturbance insurance. Its platform included systems for agents, online claims, health services management, and travel services. Despite its initial traction and significant funding, the company is now listed as deadpooled.