Investment supports company’s straight-through processing platform for its Group insurance business
Ottawa, ON – June 15, 2012
Global IQX Inc., the leading software provider in business procurement and process management for the North American employee benefits industry, today announced that a top 10 North American bank has licensed the Global IQX software platform to provide capabilities for online quoting, rating, proposal and illustration generation, underwriting, and renewal management.
After a thorough evaluation process that considered the offerings of other quote and rating vendors in North America and a possible build scenario internally from their IT department, Global IQX was chosen as the most cost-effective solution with the quickest delivery time. Global IQX is also able to scale and support the company’s vision for their Group insurance business. To be implemented in two phases, the project’s scope includes the design, implementation and testing of a packaged Rating and Quotation solution, and its associated processes for supporting Group Vision, Dental, Health, Medical, Disability and Life insurance products. The project scope also includes extracting data for use in other administration and claims systems.
“This is another major win for us,” said Michael de Waal, Global IQX president, about his company’s newest customer. “We have overcome some unique challenges this year. While rolling out a successful implementation for another new client along with enhancements for others, we continue to recover from a fire last December, where we lost nearly everything we owned. This deal reinforces that we’re an innovative company with superior technology and it’s truly a credit to our resilient and outstanding team, who have performed at peak capacity in the wake of the fire.”
The unnamed client will be implemented in phases in a multi-year deal. The first phase to be delivered in December 2012 will include Quoting, Rating, Proposals and Illustrations for all products.
About Global IQX, Inc.
Global IQX, www.globaliqx.com, established 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.