Singapore-based insurtech company Uncharted has acquired Shift Insurtech for an undisclosed sum.
Following the acquisition, Shift will operate under the Uncharted brand. It will combine its insurance platform and engineering team with Uncharted’s distribution platforms and global operations.
“The US$5 trillion insurance industry is one of the final frontiers of digital transformation and is rapidly evolving away from being heavily reliant upon ageing technology stacks, inefficient workflows, fragmented distribution and limited access to quality data across the value chain,” said Nick Macey, founder and CEO of 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.”
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According to Macey, the platforms will merge to develop tailored workflows, intelligently structured data, comprehensive policy lifecycle management, and a system of record that will easily integrate 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 five providers of modern insurance technology,” he continued.
Singapore itself is often being seen as a hotbed for insurtech companies to grow in. In addition to the government’s welcoming policy towards fintech innovation, customers in the country also have a strong awareness of the importance of insurance products and services.
Examples of leading insurtech companies in the country are SingLife and PolicyPal.
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Image Credit: Helloquence
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