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InsurIQ: Driving Innovation through Digital Insurance
Brian Harrigan, Founder and CEOToday, InsurIQ brings an all-new perspective of digitalization and stands prominent owing to its deep domain knowledge of the US insurance space and regulatory and compliance norms in 51 different jurisdictions. Although automation in insurance is gaining traction, a significant part of the industry is still pinned under legacy systems precariously tethering together data across multiple databases.
InsurIQ follows a unique approach to maintaining a single database allowing the customer, agent or broker to enter the data only once. This enables InsurIQ to operate across a single continuum of activities for any insurance enterprise. Furthermore, InsurIQ’s solution, which operates within a rules-based environment, can be easily configured according to the client-defined rules of the insurance product.
InsurIQ’s product portfolio comprises three primary components, namely EnrollIQ, QwikCoverage, and Acclaim. EnrollIQ provides a consumer-facing, “Amazon-like”, insurance shopping experience. The system allows consumers to purchase multiple products in a single session which are delivered in real time. Through this method, InsurIQ spares the customers from filling out the company applications directly, but rather uses an intuitive user interface to gather all the required application information. EnrollIQ takes into account all the filed forms, regulatory and compliance issues, and delivers dynamically updated documents as a part of the fulfilment process. This process enables InsurIQ to deliver a fully compliant product to the consumers in a digital environment. QwikCoverage is an enterprise-level, digital underwriting and policy management system. QwikCoverage provides the client with comprehensive financial reporting and data analytics alongside automated underwriting workflow, product delivery and policy administration. InsurIQ’s Acclaim solution automates the typically paper-based process of agent on-boarding and is the agent management system – tracking everything from contracts and licenses to appointments and CE.
As InsurIQ marks its five years of experience in digital product enablement for the insurance world, the company’s track record and its applications significantly differentiate it from the new entrants. In 2018, the company will be collaborating with property & casualty insurance organizations selling both personal and commercial lines insurance. InsurIQ also has plans to unlock the big data residing within the agency management systems of property & casualty insurance agencies allowing that information to be displayed to their customers online. InsurIQ will be enhancing this relationship with its EnrollIQ platform. This will enable the property and casualty agents to sell additional products in a fully digital environment to the same customers.
For the future, InsurIQ intends to continue to be at the vanguard of delivering digital solutions to the insurance industry. “We see a growing appetite for the all-digital insurance idea and our plans are aligned toward supporting our clients with their initiatives in 2018,” concludes Harrigan.
