Instnt, a company specializing in identity fraud loss insurance, has received certification to operate in New York, marking a significant step in its market expansion efforts since its launch in March.The certification, granted by the New York Insurance Department, is a regulatory approval that allows Instnt to legally market and conduct insurance-related business within the state. This milestone follows the company’s launch in March and is central to its expansion strategy.To obtain the certification, Instnt underwent a comprehensive review by state insurance regulators, ensuring compliance with all legal and operational standards. While this approval does not alter the customer experience directly, it ensures Instnt’s alignment with regional legal frameworks and underscores its commitment to compliant operations. Without this certification, Instnt would be unable to promote or sell its identity fraud loss insurance product in New York.Sunil Madhu, Founder and CEO of Instnt, stated, “Securing our New York license reflects our commitment to responsible, compliant growth. As we expand access to our identity fraud loss insurance solution to new markets, we continue to ensure our operations meet the highest regulatory standards in every location.”The certification comes as businesses continue to face substantial fraud-related losses. In 2023, global business losses due to fraud reached $485.6 billion. In North America, financial institutions incur an average cost of $4.41 for every dollar lost to fraud. Instnt aims to mitigate this by offering a new category of identity fraud loss protection.The company’s solution provides risk transfer capabilities through insurance, leveraging AI-powered identity fraud detection to help businesses move residual fraud losses off their balance sheets. These losses are transferred to global AM Best A-rated insurers. Instnt’s platform integrates with existing fraud detection tools through no-code and low-code options, facilitating rapid deployment and immediate coverage.Headquartered in New York, Instnt is a venture-backed insurance technology company. Its AI-driven approach is designed to mitigate fraud risks and transfer residual losses to the insurance market through partnerships with global A-rated insurers, aiming to reduce operational and treasury costs for businesses. Instnt was founded by Sunil Madhu, a serial entrepreneur and former CEO of Socure.It is noted that Instnt’s surplus lines coverage is underwritten by a non-admitted insurer and is available only through a properly licensed surplus lines broker. This insurance is not licensed by or subject to the supervision or guaranty fund of any state department of insurance.