Global IQX was featured as a leading life/health/accident solutions provider in the latest quarterly report released by Willis Towers Watson.
Willis Towers Watson, a leading global advisory, broking, and solutions company, released their Quarterly InsurTech Briefing for Q4 2020, featuring a case study of Global IQX as a leading global life/accident/health solutions provider amid record-breaking growth in the insurtech space.
The briefing, a collaboration between Willis Re, Willis Towers Watson, and CB Insights, outlines current and emerging trends in the insurance technology market, as well as some thought leadership from industry insiders.
“2020 is the most important year for InsurTech to date,” says Dr. Andrew Johnston, Global Head of Willis Re Insurtech and Quarterly Briefing Editor. Johnston cites a reduction of overall net income of 25.2% among insurers globally due to COVID-19, which is now the “second-largest paid loss event our industry has ever experienced” (the first being Hurricane Katrina).
According to Johnston, the pandemic triggered seismic shifts in the insurance industry, resulting in record-breaking investment in insurtech as insurers seek to maximize revenue.
At Global IQX, the product team deployed several new components to meet this increased demand and extend our clients’ existing capabilities. These include the new Modeling and Block of Business components, which enable actuaries to test rating programs and new factors on groups of quotes.