Singapore-based insurtech company Staple signs 'major contract' with Isle of Man commercial provider

Staple, an insurtech company based in Singapore, has signed a "significant contract with a prominent commercial provider on the Isle of Man", Finance Isle of Man said in a statement on 15 August.

Finance Isle of Man said the groundbreaking deal followed Staple’s successful participation in the Insurtech Accelerator Programme. The commercial provider was not named in the statement.

The contract centres around a cutting-edge product that protects customer data, reinforcing the Isle of Man’s position as a global business hub, the statement said.

Simon Pickering, head of insurance and pensions at Finance Isle of Man, expressed enthusiasm about the partnership: “We are thrilled to see Staple, a distinguished participant in our Insurtech Accelerator Programme, secure this significant contract. This collaboration exemplifies the Isle of Man’s commitment to fostering innovation in the Financial and Professional Services sector. Staple’s expertise in Insurtech and data management aligns perfectly with our vision for growth.”

Ben Stein, CEO of Staple said: “As a tech company that delivers AI solutions to multinational organisations, it makes perfect sense to partner with Isle of Man commercial providers that cater to a worldwide client base. We are excited to be working with companies on the Isle of Man and are grateful to Finance Isle of Man for their support in our journey so far.”

This strategic alliance underscores the Isle of Man’s reputation as a well-regulated international finance centre, where forward-thinking companies like Staple find fertile ground for expansion, the statement further said.

Staple is the AI copilot for document processing, automation, and analysis. Staple's AI uses a proprietary combination of AI/ML and Large Language Models (LLMs) to read, interpret, extract, reconcile and process data from any documents regardless of their layout, language, datatype or filetype.

Operating as the single data processing layer, Staple can process files and documents regardless of format, in 190 languages.