Global IQX Recognized as “Dominant Provider” of New Business & Underwriting Systems
Press Release
Novarica recognizes insurtech Global IQX as a dominant provider of Life/Health/Annuity New Business and Underwriting Systems in their 2020 Market Navigator.
Toronto, Ont., January 2021 – Global IQX, a digital solutions provider for the employee benefits industry, was recognized by Novarica, a research and strategic advisory firm, as a dominant provider of new business and underwriting systems for U.S. Life/Health/Annuity insurers in their 2020 Market Navigator report.
Global IQX was evaluated alongside fifteen other companies and was one of only five to be designated as a dominant provider. Global IQX is the only company recognized as a dominant provider that specializes exclusively in group and voluntary benefits.
Global IQX’s Group Insurance Technology Specialization
Global IQX is well-established, having served the North American group insurance market for over two decades.
“We have always been laser-focused on group and voluntary benefits. That’s one thing that hasn’t changed in twenty years. As carriers increasingly seek specialized and configurable best-of-breed platforms to expand their digital ecosystems, Global IQX is in a very strong growth position for the future,” says Mike de Waal, President & Founder of Global IQX.
The Global IQX platform combines artificial intelligence with rule, content and insurance rating engines to enable dynamic proposal and policy creation and automate renewals, among other key benefits that save time and cut costs for group insurers. The IQX Workbench supports all product lines and case size segments ranging from individual voluntary worksite benefits to groups of 300,000+ employees with complex multi-division/class structures. The power and flexibility of being able to experience rate any group product for any group size make Global IQX a top choice for group insurance transformation.
For more information on the IQX Platform, including IQX Workbench and its various components, please feel free to contact our team.
An Insurtech to Watch
In 2020, Global IQX was also featured as a “Software Company to Watch” in Morgan Partners’ infographic entitled “Emerging Technology and Data Solutions Threaten the Traditional Underwriting Model”.
In the last three years, Global IQX has directed its R&D investments towards artificial intelligence initiatives. Global IQX has already launched two such AI initiatives (the AI Census Scrubber and New Plan Design Recommender), with an Underwriter Workload Recommender planned for Q1 2021 and nine more to be launched over the rest of the year.
Global IQX’s AI Recommendation Engine is unique in the group insurance industry and has the potential to optimize every aspect of the group and voluntary business lifecycle using predictive analytics while identifying opportunities for upselling and cross-selling.
About Global IQX
Global IQX, now part of Majesco, 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 benefit and voluntary products. Some of the world’s largest insurance companies continue to benefit from the scalability, security, and configurability of our components, the IQX Workbench. For more information, visit www.majesco.com.