InQlusiv Selects QOMPLX in New Partnership to Support Parametric Insurance Options in the U.S.

Rhea-AI Summary

QOMPLX is launching its Q:INSURANCE Underwriting Decision Platform in partnership with InQlusiv, targeting small and mid-size businesses in the U.S. to aid recovery from pandemic effects. This innovative technology automates the underwriting process, enhancing risk management for insurance providers. The partnership aims to provide affordable, parametric insurance coverage with defined triggers for payouts, making protection more accessible.

Positive

• Expansion of Q:INSURANCE platform into the U.S. market for parametric insurance.
• Partnership with InQlusiv, focusing on underinsured communities and affordable insurance solutions.
• Automated underwriting process enhances efficiency and data-driven decision making.

Negative

• None.

The Q:INSURANCE Underwriting Decision Platform will be used in an inaugural partnership with InQlusiv to help small and mid-size businesses in the U.S. to rebuild & recover from pandemic impacts

TYSONS, Va., Oct. 05, 2021 (GLOBE NEWSWIRE) -- QOMPLX, a leader in cybersecurity and risk analytics, is proud to announce the expansion and use of its groundbreaking Q:INSURANCE Underwriting Decision Platform into the U.S. market for parametric insurance offerings. QOMPLX is a market leader in real-time data decision and analytics, with a configurable and automated platform to rate, bind, and issue policies.  This advanced technology supports new U.S. parametric coverage insurance policies, initially through a partnership with InQlusiv.

The technology, powered by QOMPLX’s underlying Q:OS platform, allows insurance industry Managing General Agencies (MGAs) and brokers to automate the underwriting process and rules. Advanced analytics capabilities enhance risk management intelligence for selection and data-driven decision-making.
  
Alastair Speare-Cole, President and GM, Insurance at QOMPLX said  “Parametric insurance continues to rise in popularity and availability because the protection is simple and payout is based on defined triggers.  We are committed to launching alternative and bespoke protection that is affordable, fast, and painless for insureds.” 

“QOMPLX is InQlusiv LLC’s prime technology partner for parametric insurance. Their ability to parse enormous quantities of data allows more accurate pricing of event driven parametric risk coverage. Consequently, InQlusiv, LLC can offer community-based businesses highly cost competitive parametric insurance coverage,” said Andrew Terrell, Co-Founder and Managing Partner of InQlusiv.  “Our partnership with QOMPLX powers the next chapter in the development, distribution and servicing of innovative insurance solutions, allowing us to serve a wider, more diverse and inclusive world.”

InQlusiv is a US-based environmental, social and governance (ESG) focused start-up supported by Lloyd’s of London re/insurance MS Amlin.  InQlusiv is launching offerings in the US, including a digital business interruption policy, and is ultimately concentrated on underinsured communities in the US and the need for simple and affordable cover that can be easily purchased online.

About QOMPLX
QOMPLX helps organizations make intelligent business decisions and better manage risk through our advanced, proprietary risk cloud. We are the leaders at rapidly ingesting, transforming, and contextualizing large, complex, and disparate data sources through our cloud-native data factory to help organizations better quantify, model, and predict risk.  Our specialized experts and technology solutions in cybersecurity, insurance, and finance power leading global corporations and mission critical public sector agencies. 

For more information, visit qomplx.com and follow us @QOMPLX on Twitter. 

CONTACT:
James Faeh, Director of Corporate Communications 
james.faeh@qomplx.com

FAQ

What is the Q:INSURANCE Underwriting Decision Platform?

The Q:INSURANCE Underwriting Decision Platform by QOMPLX automates the underwriting process for parametric insurance offerings, enhancing risk management and decision-making.

How is QOMPLX partnering with InQlusiv?

QOMPLX is collaborating with InQlusiv to provide parametric insurance solutions aimed at helping small and mid-size businesses recover from pandemic impacts.

What are the benefits of parametric insurance offered by QOMPLX?

Parametric insurance simplifies coverage with defined payout triggers, offering fast and affordable solutions for insureds.

When was the partnership between QOMPLX and InQlusiv announced?

The partnership was announced on October 5, 2021.

What markets is QOMPLX targeting with its new insurance platform?

QOMPLX is targeting small and mid-size businesses in the U.S., particularly those in underinsured communities.