Also Named a "Dominant Provider" by Analyst
OTTAWA, ON / ACCESSWIRE / December 8, 2020 / Global IQX was featured as an insurance "Software Company to Watch" in Morgan Partners' infographic "Emerging Technology and Data Solutions Threaten the Traditional Underwriting Model." The infographic synthesizes research from various sources and conversations with industry participants to reveal overarching insurance market trends in spending and technology adoption.
Among the trends revealed in the infographic, the authors pointed out that the amount of premiums underwritten and sold using artificial intelligence will continue to rise as insurers increase their IT budgets and continue to invest in the technology.
"Morgan Partners expects that technology will continue to disrupt the underwriting industry even after the pandemic subsides, presenting a strong growth opportunity for software and data vendors alike," Morgan Partners writes. Morgan Partners is a highly focused middle-market financial technology investment bank in Wellesley, Massachusetts.
Global IQX, a leader in AI-based employee benefits software, is well-positioned to assist carriers in their digital transformation over the next several years due to their substantial North American group insurance market share and the continued growth of their AI-powered component suite.
"Our focus on artificial intelligence and predictive analytics in the sales and underwriting lifecycle positions us well for the new digital landscape in group insurance," says Mike de Waal, Founder & President of Global IQX.
The AI tools released by Global IQX to date include an AI-powered Census Scrubber and a predictive analytics component for alternate plan design based on success criteria.
"We are seeing a surge of interest from carriers in all of our solutions but especially our new AI-driven tools. We look forward to a number of new machine learning and natural language processing (NLP) projects to be released next year," adds de Waal.
With a client base consisting of major insurers across North America, Global IQX was recently named as a Dominant Provider in life/health/annuity new business and underwriting systems by Novarica (https://novarica.com/life-health-annuity-new-business-and-underwriting-systems).
About Global IQX
Global IQX is North America's leading AI-driven group insurance procurement technology platform for new business and renewal underwriting. Global IQX offers a suite of business-configurable modules and microservices that digitize, streamline, and automate the new business and renewal processes for the true group, experience rating for all groups, and voluntary products. Some of the world's largest insurance companies (including U.S. Fortune 500) continue to benefit from the scalability, security, and configurability of our platform, the IQX Workbench. For more information, visit www.globaliqx.com.
SOURCE: Global IQX