Digital Insurance Solutions Innovator InsurIQ Sees Accelerated Growth in 2018, Catalyzes Drive Towards Increased Digitization for the Segment in 2019
InsurIQ was one of 16 companies invited to present live at the North American Regional round of the first-ever Zurich Innovation World Championship
SHELTON, CT / ACCESSWIRE / January 29, 2019 / Intelligent insurance technology company InsurIQ® today announced results of overall growth realized in 2018, along with a positive outlook on the advancement towards an entirely digital insurance product management continuum in 2019.
The firm combines decades of insurance industry experience with cutting-edge technology to create fully digital product management solutions for carriers, brokers, MGAs, MGUs and Program Administrators looking to enhance the purchase and sale experience, and more efficiently deliver their regulated insurance programs.
Over the last twelve months InsurIQ announced the expansion of its offices in Shelton, Connecticut, adding more space and several key hires including business analysts, project managers and QA specialists. The firm was also named a North American regional finalist in Zurich Insurance Group Ltd.’s first global InsurTech competition, the Zurich Innovation World Championship.
“We were excited to be selected by global insurance leader Zurich as a true insurance technology innovator,” said Brian Harrigan, Founder and CEO of InsurIQ. “We’re honored to be included in a global competition focused on highlighting the best-of-breed innovators in the industry, alongside peers that are joining in our collective goal to drive digital insurance product distribution and management forward in this technically challenging and highly regulated financial services segment.”
The competition recognized those providing new business ideas with the potential to revolutionize the insurance business in the areas of mobility, financial planning, smart homes/buildings, digital health and more.
As acknowledged thought leaders in the insurance industry, InsurIQ’s senior leadership team also participated in several mainstay conferences in 2018, including: InsureTech Connect, Target Markets Program Administrators Association (TMPAA) USA Summit, Professional Liability Underwriters Society (PLUS) and the Connected Insurance USA Summit.
2019 Market Outlook
With demand for easier ways to purchase insurance online rising, InsurIQ predicts that 2019 will be the year the industry moves away from a currently disjointed experience supported by component based, legacy systems. Therefore the company is doubling down on efforts to address the increased demand for digital insurance management solutions.
“Singular ideas like digital purchasing and AI took stronger hold in 2018, but disparate solutions aren’t enough to affect change on their own,” said Peter Gaillard, Executive Vice President of InsurIQ. “New technologies need to be brought together so that they work seamlessly either on the sales side to increase efficiency for insurance companies, or on the consumer side to enhance access to the market and portfolio management. That’s when we’ll see real change.”
“Customers have been trained to expect a better process through interaction with present-day tools like Amazon,” added Harrigan. “Comparing that kind of ‘shopping’ experience to what’s found in the insurance industry today, it’s only natural that customers will demand more than what they’re currently getting - namely an easier way to shop for insurance online and manage their portfolio of products.”
The InsurIQ team will turn its attention to meeting the needs of those looking to implement digital insurance technology solutions in 2019, with plans for additional growth and continued participation in industry events centered on the digital future of insurance, such as DigIn 2019 and the Insurance Accounting and Systems Association (IASA) Annual Conference. To learn more about InsurIQ, visit www.InsurIQ.com.
About the InsurIQ
Established in 2013, InsurIQ helps to digitally enable the sale and management of various insurance types in one convenient and secure platform - creating greater efficiency for clients and providing them with an opportunity to get products to market faster, under budget, and in full regulatory compliance. InsurIQ also provides automated product administration functions to help clients more efficiently manage their insurance programs, instead of having to dedicate resources to time consuming processes. InsurIQ supports traditional and emerging distribution models, including; carriers direct to consumer, brokers and agents. To learn more, visit www.InsurIQ.com.
Meg MacDougal, Caliber Corporate Advisers