Investment supports company’s vision for replacing its current rating system for their Group insurance business
Ottawa, ON – March 10, 2009
Global IQX Inc. a leading software provider in business automation and business process management for the North American employee benefits industry, today announced that Fort Dearborn Life Insurance Company has licensed the Global IQX software platform to provide capabilities for web-based quoting, rating, supporting proposal generation, renewal management and detailed reporting.
Fort Dearborn Life offers both employer-paid and voluntary group insurance products designed to improve the quality of employee benefit programs and meet the recruiting needs of employers and the security needs of employees. Fort Dearborn Life also provides individuals planning for retirement with an attractive line of fixed and index annuity products.
Fort Dearborn Life chose Global IQX as the best scalable solution to support the company’s vision of their Prospecting Automation System for their Group insurance business. The System’s scope includes the design, implementation and testing of a packaged Rating and Quotation solution and its associated processes for supporting Fort Dearborn Life’s Group Dental, Disability, and Life insurance products for both proposal and in-force business. The project scope also includes extracting data for use in other Fort Dearborn Life systems as well as quoting by other sales partners.
“We chose to work with Global IQX because they have a very solid and compelling technology platform with a proven track record of deploying sales and underwriting systems in the group benefits industry,” said Len Servedio, Vice President of Information Systems at Fort Dearborn Life.
“The Global IQX system will enhance our quoting process, giving us the ability to quote all Fort Dearborn Life products under one system. It will also provide improved reporting capabilities, allowing us to better analyze business metrics,” said Servedio.
Work has already commenced on the project and will be completed in various phases in 2009 and 2010. Global IQX president, Michael de Waal welcomed the deal. “We are very pleased that Fort Dearborn Life has selected us to automate and streamline their group sales and service system. We look forward to delivering a solution that will add real value to their business. Over the last four years we have invested heavily in R & D, developing a fully functioning, integrated suite of modules for the employee benefits industry. Due to the need to provide sales channels with more sophisticated selling tools, we are seeing increased demand for our technology. We have an experienced team with extensive domain expertise. We are working hard to implement our proven technology that will quickly reduce costs and create operational efficiencies for our new client.”
“Fort Dearborn Life is a proven leader in the employee benefits industry, with extensive experience and demonstrated expertise in matching technology solutions to the needs of their constituents. We believe their investment in our technology will help them foster stronger relationships with their customers and support their employees in providing outstanding service,”” added de Waal.
“Global IQX has now signed three new clients in the past 14 months. This is another significant testament from the Group insurance industry that we are doing the right things as a company,” added de Waal.
About Fort Dearborn Life Insurance Company
With 40 years of experience, Fort Dearborn Life is among the country’s leading providers of employee benefits. Fort Dearborn Life markets group life, short- and long-term disability, dental and individual annuity programs. Fort Dearborn Life has $2.2 billion in assets and $153 billion of life insurance in force. Fort Dearborn Life is rated A+ (Superior) by A.M. Best Company, affirmed December 22, 2008, and is rated A+ (Strong) by Standard and Poor’s for financial strength in its most recent report. Fort Dearborn Life is a subsidiary of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company. For more information, please visit www.fdl-life.com.
About Global IQX, Inc.
Global IQX, 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 individually, these solutions automate rating, underwriting, renewal and enrollment supporting all lines and market segments. 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. Clients include many of North America’s largest insurance companies.