Insurance professional thinking about big data

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.

###

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

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