Xigem Technologies Corporation (CSE:XIGM) (FRA:2C1), a technology provider for the emerging remote economy, announced Tuesday that it has signed a letter of intent (LOI) to enhance its iAgent cloud-based software platform for Insurance Supermarket Inc (ISI).
Xigem said it will work with ISI to further position its insurance technology (insurtech) initiatives in the fast-evolving North American insurance market.
Estimates show that the nearly US$3 billion global insurtech market size is expected to expand at a compound annual growth rate (CAGR) of approximately 48.8% from 2021 to 2028. And Xigem said the increasing need to digitize and simplify the vast array of insurance services accounts for much of the acceleration in the market.
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"Like most financial sectors, the insurance market is clearly undergoing a shift to service the rapidly emerging digital remote economy," said Brian Kalish, co-founder and CEO of Xigem Technologies, in a statement.
"ISI has been a leader in simplifying the process of delivering an assortment of insurance products and has been on the forefront of the insurtech revolution with its original development of iAgent. We look forward to working with the ISI team to further enhance iAgent to be a considerable part of their digital strategy."
Originally developed by ISI and now exclusively licensed to Xigem, iAgent is a US-patented and Canadian patent-pending cloud-based technology that will provide organizations with the infrastructure necessary to manage employees, assets, and operations remotely.
iAgent can be tailored for businesses to enable them to remotely track and manage assets, transactions, fulfillment, and service cycles while seamlessly integrating with most CRM and ERP systems to profitably optimize the consumer, treatment seeker, and learning experience.
"Our strategy is based on leapfrogging traditional insurance companies with innovative product offerings and delivery models that directly respond to the needs of today's consumers," said Charles Nastaskin, chief technology innovation officer for Insurance Supermarket. "New technologies like the enhanced iAgent platform are key to executing on this vision."
Under the LOI, once the custom development work is successfully completed, Xigem said it will license the iAgent platform to ISI on a Software-as-a-Service basis for a recurring monthly licensing fee.
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