Oliver Wyman’s Farooq Sheikh recently connected with Gary Hobermann, CEO, Unqork on the startup’s rapid growth and momentum during 2019.
Unqork is changing the way enterprises build applications. The startup’s proprietary platform has been helping Fortune 100 financial services and insurance companies to improve productivity and get products to market faster—without a single line of code.
Yes, we said no code.
Founder and CEO Gary Hobermann says that some of the world's top companies are using Unqork to build new software faster, deliver better customer experiences, and avoid legacy costs and maintenance.
“We launched Unqork intent on not only improving the productivity of businesses and employees, but to fundamentally change the way enterprises build, deploy, and manage custom applications,” says Gary.
Gary says the issue is simple. “It’s always been impossible to build true enterprise functionality on a no-code system. It has worked for small things, but not for big things,” he says. “That all changes with Unqork. No-code has finally made its way into complex enterprise application development.”
“We launched Unqork intent on not only improving the productivity of businesses and employees, but to fundamentally change the way enterprises build, deploy, and manage custom applications."CEO & FOUNDER, UNQORK
SO HOW DOES IT WORK?
Unqork’s SaaS platform digitizes the entire client lifecycle and changes the dynamic between how the C-suite and developers interact with technology. Using the platform’s visual interfaces and intuitive drag and drop tools, businesses can focus on ideas rather than syntax to build applications, iterate and modify logic in real time. For example, insurance carriers can accelerate the application development process across the entire development stack and configure complex products in weeks rather than months or years. A carrier recently used Unqork’s platform to improve customer service. The company created a seamless application for customers to complete a medical underwriting application in less than 15 minutes. Previously customers had spent 45 minutes with a call center agent to disclose the same information.
Unqork is also cloud-based which allows applications to scale and grow with a business. “One of the most important things that we’ve built in Unqork is the way we store customer data, securely and reliably,” says Gary.
Gary Hobermann is a 24-year veteran of the insurance and financial services industry. Before starting the company in 2017, Gary was the Global EVP and CIO at MetLife. When launching Unqork he had a simple mission in mind—to take the delivery risk out of critical projects to a business.
“The challenge you have is that the business doesn’t always know what they need until it’s in production. This doesn’t matter whether it’s Waterfall or Agile, the outcome is businesses don’t know it until they see it, feel it or touch it,” Gary says. “And by that time if it’s coded or hard-coded or if it’s a vendor package it’s too hard and costly to change. The cost of change becomes another 9-month project.”
Image source: Unqork
Using the platform’s visual interfaces and intuitive drag and drop tools, businesses can focus on ideas rather than syntax to build applications, iterate and modify logic in real time.
UNQORK'S RAPID GROWTH IN 2019
In 2019, Unqork deepened its bench by hiring leading industry professionals and growing from 30 to 150 employees. The company recently moved into a 40,000 square foot space in the heart of Union Square, New York, which will serve as a training hub to support certifications, customer and partner training.
Helping to power Unqork’s momentum and growth is significant customer acquisition and a recent $80 million-dollar Series B financing led by CapitalG, the growth equity investment fund of Alphabet—Google’s parent company. The investment will help Unqork expand operations into additional markets, verticals, and grow its engineering team.
WHAT'S NEXT FOR 2020
The company has plans to continue to expand into new geographical markets including the United States, Canada, South America and Asia.
“As our customers grow exponentially, they are driving us into new markets, new industries, and new countries,” says Gary. “Our target market is the global economy. We are actively expanding our go-to-market, engineering, and training teams.”
Gary says Unqork is specifically crowdsourcing requirements across the toughest customers in a single tenant deployment—in which every customer, across multiple industries, benefits from the feature.
Unqork currently has clients in financial services—banks and capital markets, insurance—P&C, life and annuity, and has plans to acquire public sector and health care clients.