Searching for a solution
To improve its competitive position and strengthen its value proposition with GAs, The Principal began to source a supplier who could address its issues. After assessing four vendors, The Principal selected a rating solution from Global IQX www.globaliqx.com. “We were greatly impressed with Global IQX: their expertise, group insurance specialization and with the attitude and skills of their people,” comments Charles Weisbecker, vice president, Relationship Development, the Principal Financial Group. “Global IQX understood our requirements and worked quickly to build the initial data flow, improving and streamlining our process by eliminating redundancies in workflow. The implementation was quick, with completion in less than six months. One aspect of implementation that pleased us most was that the integration of Global IQX technology did not require us to re-architect or re-engineer our existing system. The solution integrated with our existing application components, allowing it to reuse internal business rules, rating algorithms and data layers in real-time.”
In the first six months following implementation of the Global IQX rating solution quoting activity increased ten-fold and the company has seen an additional 30 percent increase in quotes in the 12 month period from November 2004 to November 2005.
“We have been extremely pleased with the Global IQX solution and our relationship with their team. They are extremely easy to work with and share our sense of urgency. Things that are time-sensitive – such as benefit and rate changes – are handled with the appropriate speed. Global IQX has shown itself to be a very responsive vendor, time after time.
“Global IQX provides a secure, nimble and easy-to-use quoting solution for GAs,” Mr. Weisbecker adds. “Training typically takes an hour with half of that time used to discuss Principal Financial Group products and how they fit into the tool.
The Principal has received very positive comments from GAs: “Thanks for taking the time and effort to make our Principal quoting clearer and easier. It is apparent to us that you are really going the extra mile to streamline the system for us.” Another GA wrote, “I have found that the more I use your proposal system, the easier it gets: “familiarity breeds content!”
‘Rating’ the Relationship
“We see Global IQX as a strategic partner,” says Mr. Weisbecker. “And the relationship continues to evolve. The platform has made The Principal more effective in working with GAs and results have improved as activity from quoting to closing can be better monitored.” Global IQX creates usage reports for each GA. Shared with the company’s local offices, these reports allow The Principal to monitor usage, volume and to compare results year to year.
“We are pleased with the increased efficiency and improvements for our partners as well as for our own people.”