White Sulfur Springs, WV – June 04, 2004
Global IQX Inc., the leader in integrated e-business automation solutions for the group life and health insurance industry, today announced that The Principal Financial Group® has launched phase one of it’s web based GPS. This initiative rolled out in five months, will provide cost reductions, while increasing service levels to the respective distribution channels by streamlining the sales and enrolment process of it’s group insurance products.
“As well as the increased operational efficiency, the IQX solution will make it easier for brokers and consultants to do business with PFG, while still leveraging our existing technology infrastructure. Global IQX has been a very good partner throughout the process. We are extremely pleased with the relationship and the results,” said Charles Weisbecker, vice president of relationship development for the Principal Financial Group.
For the Principal Financial Group®, Global IQX’s solution, rolled out nationally provides more than 300 business rules, supporting over 1000 plan options and 30 different alliance partners as well as the various Principal Financial Group® offices. The technology provides users with automation in the areas of: quoting, rating, exception based underwriting, proposal generation and enrollment processing for policy issuance. Thereby reducing costs, eliminating errors and accelerating sales cycles.
“Over the last four years we have proven we can deliver innovative business automation solutions on time and on budget. The Principal Financial Group® is a leading global financial institution and we’re pleased that they’re happy with the results of our technology solution,” said Michael de Waal, president and founder of Global IQX.
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.
The Principal Financial Group
The Principal Financial Group® (The Principal®) 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. A member of the Fortune 500, the Principal Financial Group has $149.8 billion in assets under management 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.