NEW YORK, April 19, 2018 /PRNewswire/ -- Unqork, a SaaS-based start-up that is transforming the insurance and financial services industry, is pleased to announce several exciting developments upon their one-year anniversary, including successfully completing a funding round, adding new clients, launching new product lines, and hiring new talent for the senior management team at their new flagship office in Manhattan.
This rapid trajectory of growth has been fueled by Unqork's market position in the insurance and financial services industries as the only proven platform that solves the industry's risk assessment and client acquisition digitization problem, enabling clients to focus on their core value proposition of providing great products. Simply put, Unqork has shown to reduce costs up to 40 percent and increase policy sales by 20 percent – all while providing seamless, instant customer experience.
"I am most proud of our team. In one year, we have been able to accomplish what no other company has been able to do – we have created a no-code platform that shrinks the time to build a financial product, launch it in market and update it in real-time – versus the 2 to 3 years development time we typically see in the industry," said Gary Hoberman, CEO/Founder. "Beyond our ability to actually bring this revolutionary platform to the market, more importantly, we have built a level of trust with our clients through an innovative business model that aligns to our client's success, unlike other software vendors that increase revenue by monopolizing the inefficiencies of the industry."
Increasing Bench Strength
Rabih Ramadi recently joined Unqork to lead the financial services product line. Rabih was previously KPMG's Global Lead Partner for the firm's largest investment bank and the Sector Leader for Investment Management in New York. Rabih has led large-scale initiatives in the areas of digital strategy, business transformation, regulatory reforms, risk analytics and technology implementation for major investment banks and investment managers. Rabih earned his MBA from The Wharton School of the University of Pennsylvania and his MS in Engineering from Cornell University.
The Unqork team is comprised of all-stars and patent holders from the financial and technology industry from MetLife, Citi, McKinsey and AIG – united by the inspiration to fix basic issues that had been plaguing the insurance industry. Endless paper processing and duplicative workstreams caused long deals in actually getting policies written and paid – causing resource-heavy backlogs within many large companies. As a result, Unqork was developed to offer a simple digital solution that is quick to set-up, nimble and agile enough to work across business verticals and truly act as end-to-end solution.
The rapid growth in business and talent drove the team to open their flagship office in the Flatiron section of New York City or "Silicon Alley." The space is built with marks of their bravado all around, including a "Quote Wall" of the skepticism and acclaims they have received while launching the business.
Expanding Client List and Geography
Currently, Unqork is working with the largest global insurance carriers and distributors in the market including John Hancock and Ash Brokerage and have recently brought on three additional clients.
While their initial list of clientele were insurance companies, Unqork's demonstrated success allowed them to expand outside of insurance into other areas of financial services including asset management. Unqork also continues to expand geographically and has already deployed in multiple countries on their proprietary, patent-pending platform.
"Unqork has helped its clients capture immediate tangible efficiencies across their incoming applications flows. And done so in the amazing timeframes of hours," said Brad Brown, Unqork advisor and investor, and McKinsey Senior Partner Emeritus. "I am very excited about the addressable market for Unqork across all insurance products, as well as other financial services."
Unqork is the Fulfillment Platform for Financial Services™. Unqork is a software-as-a-service (SaaS) platform digitizing sales for the financial services industry. The Unqork platform uniquely unleashes the power of end-to-end digitization and solves for a financial institution's continued dependence on paper. Our patent-pending technology surfaces product and underwriting rules to the point of sales using a no-code, configure-once approach without any changes to legacy systems. We also deliver an exceptional front-end agent and consumer experience, and an AI driven backend that guarantees fast and clean submissions through heavy use of machine learning. Unqork works with carriers and distributors to simplify the most complex financial transactions across life, property and casualty insurance, annuities, and specialty insurance. To learn more, please visit https://unqork.com.