Singapore-based insurtech firm Uncharted has acquired compatriot Shift Insurtech, with the two companies combining their operations in the near future. The financial terms of the deal were not disclosed.

According to the statement, the acquisition will combine Shift’s core insurance platform and engineering team with Uncharted’s distribution platforms and global operations under the latter’s brand, and hopes to make the firm an emerging leader on the global insurtech scene.

“The US$5 trillion insurance industry is one of the final frontiers of digital transformation and is rapidly evolving away from a state heavily reliant upon aging 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.”

According to Macey, Shift has developed a proprietary core insurance platform which will serve as a basis for insurance technology going forward. This will be combined with Uncharted’s tailored workflows, intelligently structured data, comprehensive policy lifecycle management, and a system of record that easily integrates across existing stacks.

“After successfully launching our beachhead platform for SME commercial lines in 2019, we will continue to invest in our enterprise B2B [software-as-a-service] platform for the global insurance market on our mission to be a top 5 provider of modern insurance technology,” he added.