Unqork

Unqork is a New York-based company. It has developed a system that life insurers, health insurers, annuity issuers and other financial services organisations can use to create large-scale software applications without having to write in programming language.

Currently being used by a variety financial institutions, including Liberty Mutual, John Hancock, HSBC and Manulife, the system allows companies to create applications by choosing from a menu of pre-built forms, and adding product rules from product rule spreadsheets.

The system, run entirely on its own cloud-based servers, doesn't charge any setup, hosting, licensing or professional services fees, instead being funded by customers as they go along.

In February 2020 Unqork closed its Series B, finishing at $131m after a top-up from Goldman Sachs and others. Overall, the round was led by CapitalG, the growth equity investment fund of Alphabet. Unqork stated it planned to use the funding to grow its engineering, sales and marketing teams, roll out partnerships with Deloitte, Cognizant and others, and expand its community.

In October 2020, Life.io partnered with Unqork to offer insurers a new digital purchasing platform that reduces friction for clients and advisors.

That same month, Unqork raised a $207m Series C, less than a year after closing its Series B. The company stated they raised the new funds to meet global demand, and to ramp up activities in EMEA and other international markets.

In February 2021 Unqork launched the Life Origination solution, helping life insurance carriers build and manage an end-to-end application for the life insurance new business origination process. It aims to replace legacy technology - which can take months or years to bring products to market - and make the process 3x faster and cost-effective. The startup claims its no-code solution also results in 600x fewer bugs.

In October 2021 Haven Technologies and Unqork announced a strategic partnership with the aim of helping insurers in the life, annuities and disability sectors to enable better digital interactions, facilitate core insurance capabilities and integrate broader tech infrastructure. Through the partnership, both companies will work to supplement each other's offerings and capabilities. Haven Technologies is a tech spin-off of Massmutual's Haven Life.

Also in October 2021 Socotra partnered Unqork to help insurers accelerate transformation and create new digital experiences. Working in parallel, the two companies will provide end-to-end core functionality, from rating to claims, whilst Socotra enables customers to create software quicker and cheaper.

In June 2022 Insurance Platform-as-a-Service InsureMO has partnered with Unqork to combine the former's Middle office APIs and the latter's no-code application development capabilities to create more agile, high quality digital experiences and core business applications. The pair aim to help global insurers, brokers, MGAs and agents who may previously have been held back by legacytech - as well as insurtechs seeking to speed up software development - across life, health and P&C.

In August 2023  Unqork announced the availability of its product on the Google Cloud Marketplace.  The recent listing highlights an understanding within the Financial Services industry of streamlining technological and digital processes and enhancing the level of accessibility for users simultaneously.