InsureWell, the leading digital insurance marketplace platform for income protection, announced a broad strategic partnership with Algebraix Data, a pioneer in making advanced analytics accessible and affordable to enterprises of all sizes.
The two industry leaders are teaming up to drive innovation in big data analytics, advanced informatics and machine learning within the life insurance industry, as well as other opportunities across the emerging FinTech space.
Today the rapid evolution of technology across all areas of life and business is creating a proliferation of structured and unstructured data. This presents an unprecedented opportunity to develop new insurance products, predictive services and risk modeling approaches using data analytics.
The collaboration will bring together InsureWell’s customer analytics and digital placement platform expertise with Algebraix’s mathematically precise data integration and deep business analytics experience, supported by its client-focused data scientists. As part of the venture, Algebraix will use advanced analytics modeling methods and tools to help InsureWell leverage internal and external data in risk profiling and new product development.
"The application of ‘big data’ analytics is a critical area of innovation within the insurance industry. Working closely with Algebraix and select insurance carriers, InsureWell is focusing on bringing new digital models, product opportunities and distribution platforms to market," said Bill Unrue, CEO, InsureWell.
InsureWell.com is a leading consumer advocate and national online insurance marketplace for individuals, small businesses and financial intermediaries. The company leverages technology, data analytics, and informatics to enhance the consumer digital experience and develop next-generation technology-enabled insurance solutions. InsureWell works with the major carriers in the market.