InsurIQ Company drives insurance automation wave
As automation drives changes in the financial services sector, Shelton-based InsurIQ is looking to expand its business to meet the demand of its industry.
The digital insurance solutions firm announced this week it will be doubling the size of its headquarters at 2 Corporate Drive to 6,000 square feet next month. The expansion will also bring in a string of new additions to the firm as executives continue to increase its service options.
“Strengthening our presence in Shelton bolsters our efforts to deliver a superior digital insurance experience for carriers, agents and ultimately consumers,” said InsurIQ founder and CEO Brian Harrigan in a press release.
The company develops digital solutions to insurance providers, brokers and carriers nationwide to assist with their transition to a digital format. Since its founding in 2014, InsurIQ has provided clients with opportunities to get their products to market faster, under budget and in compliance, which Harrigan said has long been an obstacle as standards change.
Additionally, the company offers automated product administration functions to help clients manage their insurance programs.
As the digital age has driven other parts of the financial industry along the same route, Harrigan said insurance has lagged — which is where his company comes in. The expansion is the result of the growing demand from the insurance providers to make the transition into automation.
“Insurance is the last of the big industries in the financial service sector that needs to move to a digital platform,” Harrigan said. “The trends in the other industries are ... that consumers want to do business a different way.”
The firm’s latest expansion brings the company’s workforce to 32 employees across its Connecticut and New Jersey locations. Among the new positions, InsurIQ will be adding business analysts, project managers and specialist positions to its team. The expansion in Shelton will be joining company’s 5,000-square-foot office in Mount Arlington, N.J.
The company also named Alexa Skalandunas as its new senior director of client services. She has more than 20 years in the insurance technology industry through various roles including marketing, product management and client services.
The addition of office space and new team members is part of larger growth initiative as the company continues collaboration with industry players.
“This is the last bastion of paper processing and analog work that will eventually migrate with tech to a digitally distributed and service world, and that is going to take some time,” Harrigan said. “We have believed that automation and digital transformation would be necessary, and it is in the past few years that the industry has started to embrace migrating to this all-digital world.”