Going forward, the companies will combine their unique offerings – Shift’s proprietary insurance platform and engineering team, Uncharted’s distribution platforms and global reach – under the Uncharted brand name; part of the impetus behind the deal is to make the new combined entity a major player in the world of insurtech.
“The US$5-trillion insurance industry is one of the final frontiers of digital transformation,” said Uncharted’s Founder and CEO Nick Macey, “and is rapidly evolving away from a state heavily reliant upon ageing technology stacks, inefficient workflows, fragmented distribution and limited access to quality data across the value chain. 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.”
Over the past two years, Macey went on to say, Shift has engineered and developed a proprietary core insurance platform ‘that will set the standard for modern insurance technology’. “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,” he said. “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-five provider of modern insurance technology.”