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.