Insurtech In Focus – Unitek
Welcome to the fifth edition of our ‘Insurtech in Focus’. The purpose of this series is to illustrate the cutting-edge, problem-focused and transformative offerings of our Insurtech startups and how Insurtechs and the wider industry are collaborating to deliver innovation for the sector.
In this edition we are focusing on Unitek, an Irish automation and Ai company that is pioneering Ai and automation for small and large insurance companies in Ireland and the UK including recently being selected as the platform of choice for a FTSe 100 insurance company.
Unitek describe themselves as ‘Automation Made Easy’. The process of automating claims, quotes, applications and other manual processes to improve efficiencies in insurance companies has traditionally had problems:
- An internal approach often means operational leaders are trying to constantly balance the tightrope of doing what’s best for the company financially and also trying to do what’s best for the customer causing conflict at front-line level i.e. “Why do we not care more about the customer?” while finance stakeholders are pushing them on lowering operational costs
- Automation changes are often pushed back on by internal IT teams as the systems they are trying to automate are legacy, and while automating can create amazing returns, internal IT stakeholders can find it hard to motivate teams to deal with significant tech-debt and legacy issues i.e. “if it’s not broke, don’t fix it”.
- When they outsource automation, platform companies often require them to hire a management consultancy team to identify issues before they will automate anything, costing the insurance companies millions of euros or pounds, and taking 6-12 months before implementation even starts
This is why CEO Martin Brown founded Unitek: “Unitek has built a no-code platform that can be used by insurance companies, brokers and all companies from 50 staff up to 50,000. No-code means it can be implemented without consultants and the companies do not need to have a dedicated develop or data-science function. In other words, Unitek is really Automation Made Easy”
Unitek has three categories of offerings spanning multiple products:
- Automation: giving the companies the ability to extract data, even hand-written data, and enter thousands of records totally automated in minutes
- Analytics: giving operational leaders dashboards to see how efficient their processes are and where there is bottlenecks to be removed so customers have a better experience and savings are made simultaneously
- Verification: streamlined automation to help onboard amd verify the identity of customers in applications and claims speeding up time to value for brokers and insurance providers plus giving a better customer experience
What Makes Unitek Unique?
What makes this Irish start-up a unique player in the RPA (robotic process automation) category is how accessible the product is. It’s drag-and-drop with no-code; no consultants are required to implement it and you will see ROI in less than 6 weeks making it a low-capital, low-risk investment for leaders and brokers who want to build the insurance organisation of the future.
Team & Partners
Unitek was founded by CEO, Martin Brown who has worked in a number of senior leadership roles in organisational change including Vodafone, Zurich and co-founded by CTO, Dhanya Jayachandra who held a number of senior development roles in Oracle. Chairman Gerry Hasset who was MD of irish Life and CEO of Insurance Ireland is a member of the Board along with members of HBAN and Enterprise Ireland.
If you would like to find out more about on how Insurtech solutions could add value to your operation please do not hesitate to contact the Insurtech Network Centre on Aidan.Mahon@itcarlow.ie or 087 761 8574.