The Principal to utilize software firm’s distribution technology to streamline insurance quotes
OTTAWA, ON – September 16, 2003
Global IQX Inc., a leading provider of Single Entry Multiple Carrier Interface (SEMCI) portal software for the North American life and health insurance industry, today announced a key licensing agreement with the Principal Financial Group®.
The Principal Financial Group will implement Global IQX’s sales and distribution software with its group insurance products, nationwide. This technology will enable The Principal® to provide their respective distribution channels with the ability to perform online, real-time quotes.
“The Principal Financial Group is a leading global financial institution and we’re thrilled that they’ve selected our technology solution,” said Michael de Waal, president and founder of Global IQX. “Our sales and distribution software was chosen because over the last three years it has proven that it can streamline the quoting, rating and enrollment processes of our clients.”
The Principal will license two major components from the IQX product line – the IQX™ Engine and the IQX™ Administrator. The IQX Engine uses a set of configuration rules to generate quotes and enrollment transactions that are customized to an insurance carrier’s specifications. This simplifies the customary process for supplying insurance quotations by delivering the quotation instantly, saving time and money for the carrier. In addition, IQX Administrator will provide The Principal with an interface to its existing systems. This suite offers head office and field office functionality, including the ability to view a broker portfolio through a single application and reduced duplication in making plan and rate changes.
“We want to make it easier for our brokers and agents to do business with The Principal. We chose to partner with Global IQX because they offered us a proven cost-effective method of streamlining the insurance quoting and enrollment process,” said Charles Weisbecker, vice president of relationship development for the Principal Financial Group. “We look forward to implementing this innovative technology.”
Global IQX delivers integrated Web-based solutions for quoting, procurement, distribution and fulfillment both on a SEMCI and privately labeled basis. The results are efficiency, decreased costs, improved service and increased revenues, all in real-time. Global IQX has a proven track record with major North American insurers. Since inception, the company has partnered with the Canada Life Assurance Company, Clarica Life Insurance Company, Desjardins Financial Security, Empire Life Insurance Company, Green Shield Canada, Liberty Health, Manulife Financial, Maritime Life, Sun Life Financial and UnumProvident.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States2. A member of the Fortune 500, the Principal Financial Group has $128.0 billion in assets under management3 and serves clients worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.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 individually, these solutions automate rating, underwriting, renewal and enrollment supporting all lines and market segments. Global IQX 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.
1. “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2. CFO Magazine, April/May 2003, based on total plans served in 2002 by insurance companies, banks and investment firms.
3. As of June 30, 2003