(Image source: Uncharted website.)
Uncharted, a Singapore-based provider of insurance distribution solutions, and Shift Insurtech, a provider of core insurance systems, have announced today the merger of their business operations to deliver what the firms characterize as a pioneering technology solution for the global insurance market. The merger combines Shift’s core insurance platform and engineering team with Uncharted’s distribution platforms and global operations and positions, according to an Uncharted statement.
“The $5 trillion insurance industry is one of the final frontiers of digital transformation and is rapidly evolving away from a state heavily reliant upon aging technology stacks, inefficient workflows, fragmented distribution and limited access to quality data across the value chain,” comments Nick Macey, founder and CEO, Uncharted. “At Uncharted, we believe the opportunity for InsurTech lies in enabling brokers and carriers with modern technology that empowers them to scale distribution and quality underwriting through traditional and alternative channels.
Continued Investment in B2B SaaS Platform
“Over the past two years, the team at Shift has engineered and developed a proprietary core insurance platform that will set the standard for modern insurance technology,” Macey adds. “Our clients trust our technology to provide them with a competitive advantage through tailored workflows, intelligently structured data, comprehensive policy lifecycle management and a system of record that easily integrates across existing stacks. After successfully launching our beachhead platform for SME commercial lines in 2019, we will continue to invest in our enterprise B2B SaaS platform for the global insurance market on our mission to be a top 5 provider of modern insurance technology.”
Uncharted has operations expanding across Asia Pacific, Europe and North America. The firm’s proprietary platforms are designed to enable insurance carriers, brokers and channel owners with a modern insurance stack to scale efficient and profitable distribution and operations.