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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.

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.

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.

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.

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/.