Insurtech Is Hot in the Cold North

At inaugural InsurTech North, executives and experts from Canada and U.S. lay out key issues in transformation

The inaugural InsurTech North conference that took place in Gatineau, Quebec, last week brought together leaders from insurance and technology to discuss key issues facing the industry.

Global insurtech investments reached $2 billion in 2017, forcing insurance executives to look at how these investments will affect their organizations. That is what a host of industry leaders discussed at the conference. Issues included the investment landscape and where innovation is happening, integration with incumbents and the challenge regulators face to keep pace with technology.

“State of the Union” panelists agreed it is an exciting time for insurance. C-suite executives have the opportunity to leave valuable legacies if they choose to ask the right questions and act on the answers. A key one: what does your organization need to do to create a significant shift in your business?

Customer expectations, emerging business models, and new lines of business such as cyber insurance and on-demand coverage are driving the need to transform. Artificial intelligence and automation will assist insurers on that journey, but challenges exist around disparate sources of data and the need to create homogeneous pools of data to work from, they said.

The panelists were confident that the steps needed to establish data veracity will come, at which time the market will make huge strides. In the meantime, panelists advised insurers to watch for disruption not just from upcoming insurtechs, which are often collaborative, but from industries outside of insurance.

Guy Fraker, Chief Innovation Officer at Insurance Thought Leadership, highlighted the 100+ investments Jaguar Insurance has made, showing that real disruption often comes from outside the industry. Fraker suggested insurers expand their views when looking at market trends and be prepared to respond quickly.

A startup pitch competition gave five up-and-coming insurtechs the chance to present their companies to a cast of VCs and gain valuable insight from experienced innovation leaders. Conference attendees connected using the Insurtech North Marketplace, an app to schedule and manage networking meetings, take notes on sessions and learn about the speakers and sponsors.

With so much going on in the industry, Insurtech North was an opportunity for meaningful discussion on the complex issues facing insurance. It also provided insurtech startups with a chance to make the right connections and support organizations through the transformation they seek.

Benefits Insurers: Turbocharge Sales and Underwriting

UNCASVILLE, CT—September 10, 2018—Employee benefits insurers can learn about the latest insurtech advances at the LIMRA Group and Worksite Benefits Conference, September 11-13.

Global IQX experts will demonstrate the Global IQX Sales and Underwriting solution, which is laser-focused on streamlining new and renewal business workflow for true group, voluntary and worksite benefit products.

Some of North America’s largest employee benefits insurers–and smaller carriers too–rely on Global IQX to automate the end-to-end sales cycle for small and large group cases as well as voluntary and supplemental products. Its technology is scalable, configurable and highly efficient, leading to quicker turnaround times and reduced costs.

CEO Mike de Waal and industry veteran Jeff Weaver, director of U.S. underwriting and actuarial services, will demonstrate Global IQX’s software and discuss how insurers are benefiting from it.

The LIMRA Group and Worksite Benefits Conference will be held at Mohegan Sun in Uncasville, Connecticut.

Global IQX Platform Dashboard

Global IQX Selected to Provide Automated Quoting and Rating for Top U.S. Insurer’s Employee Benefits Division

A major U.S. insurer has chosen Global IQX, a provider of sales and service automation to the employee benefits insurance industry, to deliver quoting and rating automation for its group benefits division.

The Fortune 200 company will use the Global IQX solution to automate quoting, rating, proposal generation and renewals. The software will be fully integrated with the carrier’s policy administration system. The insurer expects to increase productivity and provide better, faster service to employers and brokers.

Global IQX was selected based on its proven track record of delivering business and insurtech solutions to world-class insurance carriers for more than fifteen years.

“We’re excited to be commencing a new partnership with this distinguished carrier,” said Mike de Waal, Global IQX CEO. “The features released in Version 4.8, including multi-tab census importing, templated plan designs, and drag-and-drop management dashboards, will support a seamless experience and effective business transformation.”

The latest version of the software provides a full quote-to-proposal and renewal solution for a host of individual, true group and voluntary insurance products.

Group Benefits Insurers Automate Document Creation with Global IQX Update

New Global IQX Policy Document Component boosts productivity and enhances service

Ottawa, ON – May 1, 2018 — Group benefits insurers can now automate production of customized policy documents with the Global IQX Policy Documents Creator (PDC), a new component from Global IQX.

The application lets employee benefits insurers generate an array of simple to complex documents using configurable templates, easily transforming sold proposals into contracts, booklets and certificates to complete documentation.

Jeff Weaver, Director U.S. Underwriting & Actuarial Services, Global IQX

“Insurers can now automate policy documents with configurable templates and dynamic content for faster document generation,” said Jeff Weaver, director of US underwriting and actuarial services with Global IQX. “This will streamline workflow and enhance service as clients reduce the number of systems being used.”

Features of the new component include a flexible editor, configurable templates and auto-generated cover pages and tables of contents. They give users creative control and fully integrate sales and underwriting with policy generation. Users can create policies, professional employee booklets, summary plan descriptions, and certificates of coverage in moments without worrying about formatting or data entry.

“We’re working on a mass-amendments feature that will support documentation for changing regulations, something that our clients believe will significantly enhance business processes,” Weaver said.

The Policy Documents Creator (PDC) is integrated with the Global IQX Automated Sales and Underwriting Workbench for fast, consistent document creation. It also can be used on a standalone basis. The application supports multiple languages, including French, Spanish and English.

More information about the Global IQX Policy Documents Creator is online at globaliqx.com.

LIMRA 2017 Promotional Ad

Latest Insurtech Solutions on Display at LIMRA Group and Worksite Benefits Conference

Global IQX demos solutions for automated quoting, rating, proposals and enrollment for group and voluntary employee benefits, September 12-14

September 05, 2017 – As employee benefits become more complex, insurers need digital technology that helps them improve service, cut costs and stay ahead of the competition.

The insurance technology solutions that make this possible will be on display at LIMRA’s annual Group and Worksite Benefits Conference taking place in San Antonio September 12- 14. Global IQX will be exhibiting their digital sales and underwriting workbench for true group, voluntary and worksite benefits to insurance carriers who are ready to enhance business processes and levels of service to stakeholders and customers.

Global IQX latest enhancements encompass a suite of new tools and features including a fully mobile user interface and responsive design. Template plan designs, a new management dashboard and workflow further improve efficiency and turnaround times.

Additional functionality to the IQX Broker Portal gives agents and brokers the ability to go from quote to proposal in five easy steps. It is a key part of a suite of modules that support quoting and rating, proposals, enrollment and automated renewals.

New IQX Exchanger allows system administrators to easily configure web services with systems and data based on unique requirements. Carriers can now handle integration and system maintenance more easily.

Global IQX is an insurtech provider with a proven track record of supporting some of the world’s largest insurance carriers.

Michael de Waal included in Top Ten List of InsurTech Influencers

Global IQX CEO, Michael de Waal rose to the top of the Instech 100 Leaderboard  as a knowledge leader in insurance technology, now commonly referred to as “insurtech.”

With a growing following on multiple social media platforms, de Waal a believer in Insurtech collaberation, continues to show how new technologies apply to the group insurance space. On Friday, de Waal reached the top 10 spot, joining an exclusive group of the most influential social media users in the insurance technology space.

Social networks allow us to connect and share knowledge with likeminded, informed individuals. This helps everyone to better understand information and gain new perspectives on how we could, and should, be looking at things.

When asked about his inclusion de Waal replied, “I am delighted to be included amongst such great individuals. All of whom are contributing to transformative ideas that will help shape the future of insurance. When dealing with something you’re passionate about, something that makes a difference to your clients, you want to be on the cutting edge so you can inform people about what trends are taking hold in the industry.”

New technology is rapidly changing the way insurance worked for centuries. New business models such as P2P, IoT technologies including wearables for health and smart homes, and telematics for automotive insurance, are all changing the way people interact with their carriers.

Simultaneously, automation and artificial intelligence are creating new ways for insurers to connect with and provide services to customers by requesting personally identifiable information (PII). This data enables analytics from across technologies to predict risk, reduce losses and reward customers with lower premiums. For an industry that saw little to no change for a very long time, insurtech is quickly re-shaping the landscape.

“Insurance technologies are creating a win-win for both insurance carriers and their customers,” said de Waal. “If there was ever a capacity for insurance to become ‘cool,’ insurtech is now giving it it’s best shot. The more people talk about it and share the stories of success, the better equipped everyone will be to implement the right technologies.”

Follow Mike and Global IQX on TwitterFacebook and LinkedIn or subscribe to the IQX blog.

Group Benefits System’s New Release Helps Insurers Streamline Data Integration

Global IQX Version 4.8 optimizes new-business processing and underwriting

Ottawa, ON – June 14, 2017 – Global IQX has released a new application, the IQX Exchanger, plus a suite of new features and functionality that enhance new-business processing and underwriting for employee benefits insurers.

The leading insurance benefits software provider added these capabilities to Global IQX Version 4.8 to meet user demands for new levels of configurability. The IQX Exchanger lets system administrators easily configure web services with systems and data based on unique requirements. Users can now quickly and easily decide what, when, where, and with whom data will be shared.

“System administrators can set up and maintain a simple yet comprehensive and flexible API, integrating systems using JSON or XML to retrieve and store data across the organization,” said Cristian Marcov, Global IQX technical architect.

The IQX Exchanger lets carriers handle integration and system maintenance more easily.  Managing data flow is a growing priority for both IT and business users.

“Our clients now have a powerful tool to streamline data for integration with existing systems, portals, and insurance exchanges,” Marcov said.  “It also simplifies full-system imports, migrations and major upgrades.”

New Features Allow Customization

IQX Version 4.8 now includes a Resource Manager. It is a key part of a suite of modules that support quoting and rating, proposals, enrollment and automated renewals.

The Resource Manager allows users to edit drop-down lists found throughout the Global IQX system. This includes establishing default values, adding or deleting values and defining how they will appear on both web pages and on generated proposals. Rating and business-rule messages can now be searched, edited, saved and deleted.

A new Theme Manager has also been added to the configuration modules, enabling a custom look and feel of the application according to user preference for colors, images and objects.

“We’ve had many requests to add web services quickly to best-of-breed solutions and exchange sites. Giving insurers this capability will create synergies throughout various IT and business initiatives and allow for automation and integration,” said Global IQX CEO Michael de Waal.

“We want to make it as easy as possible for our clients. These new features respond to the changing needs of the industry, and we have more under development that will expand the horizons of insurance technology.”

About Global IQX Inc.

Global IQX delivers a web-based, end-to-end software solution for insurance underwriting and sales automation for some of the world’s largest insurance companies. It provides quoting, rating, proposal generation, enrollment, and automated renewals for insurers that offer employee, group and ancillary benefits. The powerful quoting and rating engine, with smart features and a fully configurable suite of components, is a premier choice for carriers looking to improve efficiency across their entire organization.

Offered as a complete suite or as individual components, the Global IQX platform supports all lines of business across all market segments. Developed and delivered by a team with deep group insurance domain expertise, the fully configurable technology platform gives business users more control, with less dependence on IT resources. World-leading insurers trust Global IQX to power their business. For more information, please visit www.globaliqx.com.

Photo of Global IQX Founder Mike de Waal

IQX CEO Hits Top of the Leaderboard of InsurTech Influencers

This past weekend, Global IQX CEO Mike de Waal, hit number 14 on London’s 2017 Instech Power 100 list, a list that uses Klout to track the biggest influencers in the global insurtech space.

This isn’t surprising. With almost three thousand followers on twitter, a regular article on LinkedIn and an active company Facebook page, Mike is sharing the knowledge and experience that led his company’s sales and underwriting workbench to being the solution of choice for some of the world’s largest insurance companies.

“There is valuable information and insight online worth sharing and talking about , however, there is also a lot that isn’t. Connecting with knowledge leaders in fields of business or personal interest can get you the right in formation at the right time and act as a catalyst for change and growth,” said de Waal.

And while most of us have experienced the sensation of information overload, by following people you trust and doing regular maintenance on your social networks, information can turn from a sense of overload to empowerment.

In November of last year, Mike also made Onalytica’s top 100 list of insurtech influencers and brands. “Being an influencer means being aware of what trends are becoming sticky or disruptive in the marketplace. Not all of them will have an impact, but discovering them as they arise keeps us nimble and attuned to what technologies our clients will need next.”

Building trust and a reputation as an influencer doesn’t happen overnight. It takes time, and a commitment to engaging with people every day, sometimes one tweet at a time.

Follow Mike on Twitter, LinkedIn or Facebook or send him an email mike@globaliqx.com.

Experts Discuss Shift from Old School to New Cool at LIMRA Conference

LIMRA’s 2016 Group and Worksite Benefits Conference kicks off today with a strong focus on the technological and market forces interrupting insurance.

Long time sponsors of the event, Global IQX is attending the conference, which will go until September 15.  The insurtech company is exhibiting it’s automated sales and underwriting workbench to life and health group benefits providers interested in improving their quote to proposal time, online enrollment and renewal processes.

The conference takes place in Newport, Rhode Island, and hosts an array of speakers from across the insurance industry who will address recent challenges and share ideas about opportunities for growth and change.

Visit the LIMRA website to learn more www.limra.com/gwbc/.

 

Global IQX Increases Underwriting Capability with New Hire

Former client will help group insurers optimize new-business and underwriting software   

Ottawa, ON — June 2, 2016 – Global IQX Inc., a leading software provider of new-business and underwriting automation for group insurers, has named Jeffrey Weaver director of underwriting consulting services, a new position. He has an extensive background in underwriting management and hands-on experience with the Global IQX Sales and Underwriting workbench.

Weaver has more than 19 years of underwriting experience in group life, disability and dental products. He most recently was a regional underwriting manager for LifeMap Assurance Company in Portland, Oregon, where he used the Global IQX solution for sales and underwriting.

“Having experienced the benefits of using the Global IQX platform as an underwriter, I’ve seen what the technology is capable of. I’m excited about the opportunity to join such a dynamic team,” Weaver said. “Slashing quote turnaround times helps insurers sign up more clients. Global IQX does this and much more.”

With a B.S. degree in actuarial mathematics from Oregon State University and the Fellow, Life Management Institute (FMLI) designation, Weaver is well positioned to drive underwriting solutions that help clients build their product suite and bring value to their customers.

“Jeff’s leadership and underwriting knowledge will benefit our team and clients tremendously,” said company president Michael de Waal. “Jeff has been a pleasure to work with, and we look forward to continuing the growth Global IQX has seen this year. More insurance companies require integrated, configurable sales and underwriting systems for both group and voluntary products. They’re finding the solution they’re looking for with Global IQX.”

A major in the United States Air Force Reserves, Weaver is the commander of the 446th Logistics Readiness Flight, Joint Base Lewis McChord, in Washington.  A former Marine Corps sergeant, he is also working toward his M.S. degree in Leadership from Trident University.

 

About Global IQX Inc.

Global IQX delivers a web-based, end-to-end software solution for insurance underwriting and sales automation for some of the world’s largest insurance companies. It provides quoting, rating, proposal generation, enrollment, and automated renewals for insurers that offer employee, group and ancillary benefits. The powerful quoting and rating engine, with smart features and a fully configurable suite of components, is a premier choice for carriers looking to improve efficiency across their entire organization.

Offered as a complete suite or as individual components, the Global IQX platform supports all lines of business across all market segments. Developed and delivered by a team with deep group insurance domain expertise, the fully configurable technology platform gives business users more control, with less dependence on IT resources. World-leading insurers trust Global IQX to power their business. For more information, please visit www.globaliqx.com.