Global IQX’s New Application Integrates Group Insurers’ Quoting and CRM Systems

Software Streamlines New-Business Process for Employee Benefits

ORLANDO, Sept. 16, 2015 – Global IQX today unveiled an application that streamlines employee benefits insurers’ business processes by integrating sales management and underwriting functions. Insurance companies that use Global IQX’s Salesforce sales-management software can now access the Global IQX Sales and Underwriting Workbench.

Global IQX is a leading software provider of web-based sales and service solutions for the employee benefits industry.

“As insurers and brokers continue to rely on CRM systems to manage their business, integration with their quoting capabilities is a logical next step,” said Tom Scales, research director for Celent. “Global IQX’s out-of-the-box integration with Salesforce meets the industry’s demand to further streamline the business process.”

Prospect, distribution-channel and client data can now be shared between Salesforce and all Global IQX components.  Sales managers, underwriters and other new-business participants can thus create, manage and report all new opportunities in a streamlined way.  Fields can be configured and information passed seamlessly between Salesforce and the Sales and Underwriting Workbench.

“Our clients have asked for innovative ways to streamline the new-business process. They’re already collecting much of the same data in Salesforce they use in quoting, rating proposals and renewals,” said Mike Maguire, Global IQX vice president, systems delivery. “Now data can be entered just once, and it can be passed back and forth easily.”

Thanks to the new application, Salesforce’s portal functionality now includes new-business, rating, renewal, reporting, and analytics capabilities.

Global IQX has provided configurable out-of-box solutions for group and ancillary benefits insurance carriers for 15 years. Its rating engine is unique because of its advanced capabilities. Global IQX software produces complex quotes—for multiple products, benefit definitions, rating, classes, divisions and experience—In less than a minute with census data.

These results are why companies have licensed the Global IQX software platform for web-based quoting, rating, proposal generation, and sales and underwriting management, including automated renewal processing, and detailed reporting. All components can be implemented quickly and cost-effectively.

About Global IQX, Inc.

Global IQX, www.globaliqx.com, established in 1999, specializes in configurable, component-based sales and services automation solutions for group benefits insurance organizations. Offered as a complete suite or as individual components, these solutions automate all lines of business across market segments. Global IQX’s innovative software platform increases operational efficiency and reduces costs while promoting improved communication and interaction within and across departments. Developed and delivered by a team with deep group insurance domain expertise, our solutions allow business users more control, with less dependence on IT resources. Clients include many of North America’s largest and most respected insurance companies

Life and Specialty Ventures Selects Global IQX’s Sales and Underwriting System

Configurable components will enhance operational efficiencies, improve product agility and consolidate multiple business processes 

Little Rock AR, Ottawa, Ont – May 6, 2015– Life and Specialty Ventures, LLC (LSV) has selected Global IQX’s Sales and Underwriting Workbench for underwriting, rating, illustrations and reports. Global IQX is a leading software provider of web-based sales and service solutions for the employee benefits industry.

LSV’s USAble Life and Florida Combined Life Insurance Company, Inc., insurance carriers with about $55 billion of insurance in force, will deploy Global IQX’s web-based platform.

LSV will license Global IQX’s rating and quoting engine, proposal generation, product configuration and report components. LSV companies provide ancillary insurance products, including dental, life, disability and worksite, to groups and individuals throughout the United States.

“We were impressed with Global IQX’s software. Once successfully implemented, it will give us increased market agility and allow us to streamline the sales and underwriting process with quicker turnaround times,” said LSV Executive Vice President Edward A. Murphy. “We look forward to its implementation as we continue to grow our business and provide increased support to our business partners.”

“We’re delighted to have LSV as a client,” said Mike de Waal, CEO at Global IQX.  “We will help drive LSV’s commitment to straight-through processing and efficiency, while providing faster response and support to its partners. We look forward to a successful partnership with LSV as they gain market advantages using our technology.”

Global IQX has a 15-year history of providing rating and quoting for multiple group insurance products.  Offering different views and options for various users, its products streamline new-business procurement process with automated workflow and straight-through processing. Its configurable components enhance new-business acquisition and retention processes, providing growth, efficiency and improved customer service.

Global IQX is a leading software vendor focused on providing group health and ancillary insurance carriers with the ability to streamline and automate the sales, underwriting and renewal process.

About Life and Specialty Ventures
Life and Specialty Ventures, LLC, is a holding company based in Little Rock, Arkansas. The company owns and operates USAble Life and Florida Combined Life Insurance Company, Inc.  LSV offers groups and individuals the opportunity to purchase ancillary insurance products including dental, life, disability and worksite. Total insurance in force is about $55 billion.

About Global IQX, Inc.

Global IQX, www.globaliqx.com, established in 1999, specializes in configurable, component-based sales and services automation solutions that streamline and optimize business processes for group benefits insurance organizations.  Offered as a complete suite or as individual components, these solutions automate support all lines of business across all market segments.  Global IQX’s production-proven software platform increases operational efficiency and reduces costs while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with deep group insurance domain expertise, our solutions allow business users more control, with less dependence on IT resources.  Clients include many of North America’s largest and most respected insurance companies.

The Co-operators Selects the Global IQX Solution for their Group Benefits Procurement System

Global IQX’s configurable components to help insurer enhance operational efficiencies, improve product agility, and consolidate multiple business processes

OTTAWA, ONT. and REGINA, SASK., June 4th, 2014:

Global IQX Inc., a leading software provider in sales and service management for the North American employee benefits industry, announced today that The Co-operators Life Insurance Company had selected its platform for underwriting, rating, illustrations and reports for its employee benefits and worksite products.  The Co-operators will also configure and utilize Global IQX’s Sales and Underwriting Workbench.

The Co-operators serves clients throughout Canada with a complete portfolio of group benefits products including life, disability, dental, health, medical, and critical illness, as well as employee assistance programs.

Global IQX’s components, supported by their configuration modules, will enhance The Co-operators’ new business acquisition and retention processes thereby providing business growth, efficiency and improved customer service.

“We were impressed with the way Global IQX’s software is designed to allow it to be easily configured and integrated with other solutions for a streamlined insurance experience.  With it, we will be able to expedite sales and underwriting turnaround times and enhance our business and technology capabilities.  Global IQX is a partner that knows group insurance and has a proven solution.  We look forward to its implementation as we continue to grow our business and provide efficient support to our business partners and clients,” said Conor Quinn, VP Group Benefits Insurance of The Co-operators.

“Increasing market agility and driving down costs are high on the list for most Group carriers,” says Craig Weber, CEO of research and advisory firm Celent. “Tools like this, aimed at facilitating complex underwriting scenarios and enhancing administrative capabilities, are of immense promise and important to remaining competitive.”

“We are very happy to have The Co-operators as a client,” commented Mike de Waal, CEO at Global IQX.  “We recognize and are pleased to support The Co-operators commitment to operational speed and efficiency, while achieving significant cost savings, and look forward to helping them achieve their corporate goals and objectives while staying true to their roots and vision.”  According to de Waal, “the Global IQX platform suite was designed using a bundled,  modular approach, enabling insurers to select and configure specific business  applications.  Everything we do points to time-to-results, and our recent development achievements, together with our continued R &D efforts focused on ease of use, have reinforced the requirement for projects to minimally impact the day-to-day activities of Actuarial and Underwriting staff.”

Global IQX is the leading vendor in North America providing Group and Individual Life and Health insurance carriers with the capabilities of a highly-sophisticated rating engine, unique in the industry today.  Contained within its Underwriting Workbench, the newest enhancements to the rating engine are producing quotes of significant complexity (i.e., multiple benefit definitions, high numbers of calc groups, classes, divisions, and lives, etc.) in less than a minute with census data.  These results are why companies have licensed the Global IQX software platform to provide capabilities for web-based quoting, rating, proposal generation, underwriting management including automated renewal processing, and detailed reporting for all of their products for both proposal and in-force business.

About The Co-operators 

The Co-operators Group Limited is a Canadian-owned co-operative with more than $33 billion in assets under administration.  Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.  The Co-operators is well known for its community involvement and its commitment to sustainability.  The Co-operators is listed among the 50 Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean’s magazine. For more information visit www.cooperators.ca.

 About Global IQX, Inc.

Global IQX, www.globaliqx.com, established in 1999, specializes in configurable, component-based sales and services automation solutions that streamline and optimize business processes for North American group benefits insurance organizations.  Offered as a complete suite or as individual components, these solutions automate support all lines of business across all market segments.  Global IQX’s production-proven software platform increases operational efficiency and reduces costs while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with deep group insurance domain expertise, our solutions allow business users more control, with less dependence on IT resources.  Clients include many of North America’s largest and most respected insurance companies.

 

Global IQX Releases Version 4.6 of Employee Benefits Software

Global IQX Releases Version 4.6 of Employee Benefits Software
Underwriting Workbench Speeds Complex Group Underwriting and Product Development,
Offers Enhanced Capabilities for Both Group and Individual Carriers 


Ottawa, ON and Roanoke, Va. – April 3, 2014 – Global IQX Inc. today introduced Global IQX Software Platform Version 4.6, incorporating many enhancements to its industry-leading IQX Underwriting Workbench for employee benefits, individual and worksite products. Version 4.6 is a scalable, enterprise solution that is highly configurable and permission-based.

Enhancements let users produce quotes of significant complexity—such as multiple benefit definitions, and high numbers of calc groups, classes, divisions, and lives—in less than a minute. Global IQX is the only system providing on a single platform the technical sophistication required by group carriers plus the flexibility and reliability demanded by individual carriers.

“Increasing market agility and driving down costs are high on the list for most group carriers,” said Craig Weber, CEO of research and advisory firm Celent. “Tools like this, aimed at facilitating complex underwriting scenarios and enhancing administrative capabilities, are of immense promise and important to remaining competitive.”

“Benefits insurers today use an increasingly complex blend of algorithms and formulas. Because many companies still quote and rate from multiple, outdated platforms, quoting backlogs negatively impact the relationship with their selling partners,” said Mike de Waal, CEO of Global IQX, the leading provider of employee benefits software. “Version 4.6 handles complexity easily and helps clear backlogs.”

Enhancements include:

  • Product Builder: A configuration feature allows new products to be defined through a GUI within a single .xml file that can be carried forward from the initial needs assessment and requirements-gathering processes, from business analysis to development. The insurer can compile a library categorized by product family and use this library to assemble products quickly, easily and consistently.
  • Formula Editor: The enhanced Formula Manager allows users to design and write formulae in an integrated development environment with features that support consistency and accuracy. Features include syntax highlighting, error highlighting, auto-completion, and other advanced tools.
  • Global Import Management: The enhanced Product Manager provides a multi-facing, generic import interface that can be used across the application. It can upload rate, census, experience history, employee census, and other key data.

More information about Global IQX’s Software Platform is available at https://www.globaliqx.com.

About Global IQX, Inc.

Global IQX, www.globaliqx.com, established in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the group employee benefits and individual life and health insurance industry. It serves some of the world’s largest insurance companies and many smaller companies.

Global IQX’s production-proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments. Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.

Global IQX Introduces Enhanced Features with the Release of its Software Platform 4.5

The new release delivers enhancements to all core components and their supporting configuration modules, affecting rating engine optimization, while adding new quoting features.

Atlanta, GA – Sept 23, 2013 – Global IQX Inc. the leading software provider in new business procurement and business process management for the North American Group Life and Health and employee benefits industry, today introduced its latest enhancements to the Global IQX Software Platform.

Platform version 4.5 is the newest version of Global IQX’s scalable, enterprise solution that is highly configurable, permission-based, and meets the specific requirements of its respective audience including distribution channels, sales management, underwriters, actuaries, marketing support, IT and other sales & service constituents.

The platform includes the latest enhancements to the IQX Underwriting Workbench, incorporating key capabilities such as quoting and rating, underwriting management, enrollment, proposal generation, product configuration, renewal management, reporting, Business Rules Management, and workflow. The introduction of Version 4.5 has enhanced the performance and functionality of all of these key features.

“We have taken what has become the platform of choice for some of the world’s largest insurance companies and made it better,” says Mike de Waal, CEO of Global IQX. “Our goal is to give our customers the most powerful and versatile tools possible, so we are constantly working to anticipate their evolving needs and delivering new feature-rich enhancements based upon the ever changing needs of this market.”

Some of these enhancements include: the rating engine has been tuned to increase performance and scalability. An enhanced thread model now allows database entries to be shared across all worker threads to optimize memory and avoid bottlenecks caused by single database sessions. New complexity-based allocation allows worker threads to be allocated based on their impact on the total quote’s complexity. Multiple custom cache strategies are now permitted based on their scope, lifecycle, etc.

There are also new quoting features including:

Flex Choice – or Dual Choice; used when an employer offers a choice to the employees, of plan designs for one product. The employees then choose one plan design.

Quote Compare – web page comparing benefit options and rates between two product options.

Disabled Employees-web page that allows disabled employee information for the quote to be maintained.

Analysis Grouping – web page that allows the grouping of products by calculation group in order to display calculated rates and costs with possibilities to adjust them, all on one page.

There are further enhancements to Rating Formulae, Function Attributes, Function Decorators and many other features. For full descriptions of these enhancements and to learn more about Global IQX’s Platform 4.5 please visit:

https://www.globaliqx.com/global-iqx-platform/

About Global IQX, Inc.

Global IQX, www.globaliqx.com, established in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the Group Life and Health / Employee Benefits industry. It includes some of the world’s largest insurance companies as clients

Global IQX’s production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments. Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.

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Contact: Fran Simpson; Global IQX, Inc.; 613.723.8997; frans@globaliqx.com

Life Map Logo

LifeMap Assurance Company Selects the Global IQX Software Platform as the Foundation of its Underwriting Workbench

The investment supports LifeMap’s vision for further implementing a fully-integrated new business acquisition and retention system for Group insurance

Ottawa, ON – January 14, 2013 – Global IQX Inc. a leading software provider in business automation and process management for the North American employee benefits industry, will now provide underwriting software services to LifeMap Assurance Company.

LifeMap Assurance Company currently serves customers in Oregon, Washington, Utah, Idaho Montana, Wyoming and Alaska with a complete portfolio of insurance benefit plans that include life, disability, vision, dental, accident, critical illness, and short term medical coverage, as well as employee assistance programs.

Global IQX’s software platform will enhance LifeMap’s ability to provide automated proposals and renewals to business partners and employers seeking to purchase the company’s insurance products. The Global IQX platform will support an integrated solution for all group insurance products including life, disability, dental, vision, critical illness and accident.

“Global IQX has a leading technology platform with a proven track record of deploying sales and underwriting systems in the Group insurance industry. We cannot think of better partner for LifeMap as we continue to grow our business, and provide efficient support to our business partners and customers,” said Bill Barr, CEO of LifeMap.

“We are delighted to welcome LifeMap as a client,” commented Mike de Waal, CEO at Global IQX.  “With a growing list of U.S. health insurance plans and Blue Cross Blue Shield plans using our solution, we have demonstrated our ability to successfully automate and streamline their group sales, underwriting and service systems.  We look forward to a successful partnership with LifeMap as they gain market advantages through the use of our technology.”

LifeMap

LifeMap Assurance Company currently serves customers in Oregon, Washington, Utah, Idaho Montana, Wyoming and Alaska with a complete portfolio of insurance and benefit plans that are designed to offer financial protection to customers. LifeMap’s portfolio includes life, disability, vision, dental, accident, critical illness, and short term medical coverage, as well as employee assistance programs. LifeMap is headquartered in Portland, Oregon, but offers coverage in Washington, Utah, Idaho, Montana, Wyoming, Alaska and Oregon, with plans to expand in the future. LifeMap is a member of the Cambia Health Solutions family of companies, a total health and wellness solutions group headquartered in the Pacific Northwest. To learn more about LifeMap, visit www.lifemapco.com.

About Global IQX, Inc.

Global IQX, www.globaliqx.com, established in 1999, specializes in configurable, component-based sales and services automation solutions that streamline and optimize business processes for North American group benefits insurance organizations. Offered as a complete suite or as individual components, these solutions automate the processes of quoting rating, underwriting, proposal generation, renewal management and enrollment, supporting all lines of business across all market segments. Global IQX’s production-proven software platform increases operational efficiency and reduces costs while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with deep group insurance domain expertise, our solutions allow business users more control, with less dependence on IT resources. Clients include many of North America’s largest and most respected insurance companies.

Top 10 North American Bank Selects Global IQX Software

Investment supports company’s straight-through processing platform for its Group insurance business

Ottawa, ON – June 15, 2012

Global IQX Inc., the leading software provider in business procurement and process management for the North American employee benefits industry, today announced that a top 10 North American bank has licensed the Global IQX software platform to provide capabilities for online quoting, rating, proposal and illustration generation, underwriting, and renewal management.

After a thorough evaluation process that considered the offerings of other quote and rating vendors in North America and a possible build scenario internally from their IT department, Global IQX was chosen as the most cost-effective solution with the quickest delivery time. Global IQX is also able to scale and support the company’s vision for their Group insurance business. To be implemented in two phases, the project’s scope includes the design, implementation and testing of a packaged Rating and Quotation solution, and its associated processes for supporting Group Vision, Dental, Health, Medical, Disability and Life insurance products. The project scope also includes extracting data for use in other administration and claims systems.

“This is another major win for us,” said Michael de Waal, Global IQX president, about his company’s newest customer. “We have overcome some unique challenges this year. While rolling out a successful implementation for another new client along with enhancements for others, we continue to recover from a fire last December, where we lost nearly everything we owned. This deal reinforces that we’re an innovative company with superior technology and it’s truly a credit to our resilient and outstanding team, who have performed at peak capacity in the wake of the fire.”

The unnamed client will be implemented in phases in a multi-year deal. The first phase to be delivered in December 2012 will include Quoting, Rating, Proposals and Illustrations for all products.

About Global IQX, Inc.

Global IQXwww.globaliqx.comestablished in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the Group Life and Health/Employee Benefits industry. It includes some of the world’s largest insurance companies as clients

Global IQX’s production-proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.

Global IQX Delivers Savings and Efficiencies to the Group Life, Health and Employee Benefit Industry

With cost cutting and improving efficiencies through the effective use of technology being top priorities for businesses and organizations, Global IQX has carved out a niche as the leading provider of automation software for the Group Life and Health insurance industry. IQX helps companies save by replacing patchwork solutions with customized all in one software platforms.

March 13, 2012

 

OTTAWA, ON– Global IQX has specialized in addressing and resolving inefficient processes that affect the Group Life and Health/Employee Benefit industry for over twelve years. IQX creates software solutions that generate substantial savings and efficiencies.

Four year customer Pacifc Blue Cross and the BC Life & Casualty Company has realized a savings of five underwriter FTE’s (Full Time Equivalents) because of efficiencies gained primarily by reducing the time taken to produce a new quote/renewal from three hours to one hour. The direct savings equates to approximately $375-thousand saved annually on salaries alone.

“Most insurance carriers recognize where the inefficiencies lie as they experience higher processing costs, lower sales volumes and the costs related to lower retention, but they have not found a way to solve these problems,” says Mike de Waal, President and CEO of Global IQX. “IQX implements a single, integrated Rating, Quote and Renewal system for Underwriting and Actuarial departments in order to remove the daily risk of exposure of current systems whose manual touch points render themselves too ‘fragile’ in regards to being able to grow the business.”

Global IQX represents a whole new approach to doing new business.  An approach more suited to today’s technically-savvy agent/broker and the demanding Actuary or Underwriter.  IQX automates traditionally manual processes, resulting in efficiencies that have led to the reduction or reallocation of multiple FTEs in Actuarial and Underwriting departments, improved time to market for new quotes, improved retention and improved the quality of New Quotes, Proposals and Renewals in calculating rates for small and large group sizes.

In the case of Principal Financial, IQX implemented a solution that makes it easier for GAs to do business with The Principal by providing a way to independently generate accurate real-time quotes while strengthening the relationship between the carrier and its distribution partners.  The project has allowed Principal Financial Group to improve its competitive position and strengthen its value proposition with GAs.  The initiative, rolled out in under nine months, yielded cost reductions, while increasing service levels by streamlining the sales and case enrollment process for the group insurance products of The Principal.  It increased efficiency, and improved relationships.

In its Voice of the Producer survey published in November of 2011, Deloitte reported that speed of underwriting and policy issue are among the top factors influencing a producer’s decision to place business with a specific carrier.

In this day when time to market is critical, it is increasingly important for a single system to support both Actuaries and Underwriters, but also the unique needs of the agent/broker community,” says de Waal.  “The Global IQX platform is robust, accurate and delivers a more consistent set of rates calculations than the systems of yesterday. ”

About Global IQX, Inc.

Global IQXwww.globaliqx.comestablished in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the Group Life and Health / Employee Benefits industry.  It includes some of the world’s largest insurance companies as clients.

Global IQX’s production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.

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Contact:  Fran Simpson; Global IQX, Inc.; 613.723.8997;   frans@globaliqx.com

Media Contact: Scott Ledingham; PRMediaNow; 613.806.7135;   scott@prmedianow.com

 

Ottawa’s Global IQX Recovers from Fire and Announces New Hiring Initiative

Following a Dec.13th fire, which destroyed Global IQX’s new office space and displaced its team, the company is continuing to grow despite the adversity and hiring 12 new employees

Ottawa, ON – February 13, 2012 Global IQX Inc., a leading software provider in business automation and business process management for the North American employee benefits industry, is bucking the downsizing trend and looking for new talent as part of its plan to increase staffing levels by 40%. The expansion and hiring announcement may come as a surprise to some after a December fire wiped out Global IQX’s new office space.

In the days following the fire Global IQX Founder and President Michael de Waal addressed customers and staff with emails and Facebook updates remaining positive despite seeing his new offices and equipment destroyed.

“Thanks to our dedicated employees (and having a Disaster Recovery Plan), all internal and customer-facing systems are restored, we ask for your patience as we continue to sift through what remains of our office quarters and we replace much of the contents that were written off as a total loss,” de Waal said in a December. 21st update .

The update highlights a team approach that helped Global IQX not only get through a very difficult period after the fire but actually emerge from the crisis as a stronger company.

“We put an emphasis on always maintaining a fun, happy and healthy team environment and we were genuinely moved by the remarkable efforts of our team following the fire,” said de Waal. “Our employees stepped up and made sacrifices that made our company stronger and allowed us to maintain full service levels for all our clients. We have now moved into a larger temporary location allowing us to expand and accommodate our growth, while offering new employees a more comfortable work environment.”

Global IQX has been able to grow during the adversity and is in the process of hiring a dozen new staff including 10 developers.

“The greatest benefit of working at Global IQX is the opportunity to be around fun, energetic and positive professionals striving to make their mark on the industry,” says Fran Simpson, Global IQX Human Resources Director. “We are looking for work hard, play hard employees that fit in with our team culture who have Java development experience.”

“Hard hat optional,” said de Waal.

For more information about Global IQX, its work environment and job openings please visit https://www.globaliqx.com/careers/

About Global IQX, Inc.

Global IQXwww.globaliqx.comestablished in 1999,is the leading North American provider of configurable, component-based sales, service and product development automation software for the Group Life and Health / Employee Benefits industry.  It includes some of the world’s largest insurance companies as clients.

Global IQX’s production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.

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HR Contact:  Fran Simpson; Global IQX, Inc.; 613.723.8997;  frans@globaliqx.com

Global IQX Announces Availability of its Enhanced Rating Engine Within its Rating and Quotation Platform

The North American Group Insurance Market has Been Clamoring for More Flexibility and Greater Control by Business Users in Calculating Rates for Small and Large Group Sizes Across all Products and all States…..

Global IQX Announces Availability of its Enhanced Rating Engine    Within its Rating and Quotation Platform….

Ottawa, ON – December 30, 2011 – Global IQX Inc. a leading software provider in business automation and business process management for the North American Group Life and Health insurance industry, today announced that the latest enhancements of its Rating Engine are now available to Group Insurance carriers.  IQX’s Enhanced Rating Engine was developed in response to the requirements expressed by its customers and prospects to provide for efficient, dependable, accurate and consistent rate calculations for both new quotes and renewals.

Most of the rating engines being utilized in today’s market offer little in terms of automation and guaranteeing that the desired result was produced.  They require manual updating for rates and factors due to their inability to accept automatic uploads.  Unfortunately, in far too many instances, errors in rate calculation occur frequently, requiring a significant amount of manual intervention devoted to exception processing.  And Actuaries and Underwriters suffer as a result, spending inordinate amounts of time fixing errors vs. more productive uses of their time.

With these latest enhancements, Global IQX took their existing rating engine to a new level.  We incorporated a more user-friendly front end environment to allow flexibility for changes to factors, rates and benefit packages with added levels of authority.  Formulas are written in a more simplified manner, without the need for IT involvement.  Advanced memory management allows for calculations of complex, large quotes in a fraction of the time.  The end result is that the amount of time and energy Underwriting and Actuarial departments spend on calculating both New Quotes and Renewals is significantly reduced.

“We believe that this next generation of our Rating Engine is the most flexible and advanced in the industry, said Mike de Waal, Global IQX’s President.  In this day when time to market is critical, it is increasingly important for a single rating engine to support both Actuaries and Underwriters, but also the unique needs of the agent/broker community.  A properly architected Rating Engine should support multiple variations of rating exercises that vary from simple to very complex and support all products and group sizes.  Our newest capabilities ensure that our customers will retain and grow their business through their ability to provide customized and flexible Group plans to their customers while providing service levels above and beyond their competition.”

 

 

About Global IQX, Inc.

Global IQXwww.globaliqx.comestablished in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the Group Life and Health / Employee Benefits industry.  It includes some of the world’s largest insurance companies as clients.

Global IQX’s production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments.  Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.

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Contact:  Fran Simpson; Global IQX, Inc.; 613.723.8997;  frans@globaliqx.com