Leading group insurance technology provider obtains best in class cybersecurity certification.
Ottawa, ON / January 19th, 2022 / Global IQX, a dominant provider of new business and renewal software for employee benefits carriers, announced that it has successfully met the requirements for Service Organization Control (SOC) 2 Type II certification, after undergoing a thorough audit conducted by BDO Canada LLP.
“The SOC 2 Type II audit is a thorough exercise to examine if service providers meet specific IT security and compliance requirements prescribed by the AICPA. By undergoing this exercise, Global IQX has checked their relevant boxes pertaining to data security and put in place well-designed policies and procedures to ensure security of customer information,” said Sam Khoury, Partner, Third-Party Assurance Leader, BDO Canada LLP.
Developed by the American Institute of CPAs (AICPA), SOC 2 is an industry-standard auditing procedure and internal controls report that ensures service providers like Global IQX uphold rigid standards when handling customer data.
During the SOC 2 certification process, service providers are assessed on how well they comply with the five “trust service principles”: security, availability, processing integrity, confidentiality, and privacy. For customers in highly regulated industries like insurance, this thorough validation of security controls is essential.
“SOC 2 certification is an important signal to clients and our partner ecosystem that Global IQX continues to be 100% committed to maintaining best practices in security, availability, and data integrity,” says Global IQX CEO Mike de Waal.
As insurance companies grow their digital ecosystems by outsourcing key functions to third-party vendors (e.g., software-as-a-service, cloud service providers), it becomes increasingly important to seek out service providers with strict data-handling procedures and strong cybersecurity credentials like SOC 2.
About Global IQX
Global IQX is a dominant provider of AI-driven employee benefits sales and underwriting solutions, helping insurers write more business in less time. Global IQX offers a suite of business-configurable modules and microservices that digitize, streamline, and automate new business and renewal processes for group and voluntary benefits. The IQX Sales & Underwriting Workbench streamlines quoting for all benefits products sold in North America and experience rate small groups up to 100,000+ lives with dozens of divisions and classes. Global IQX serves some of the world’s largest insurance companies.
For more information, contact Stephen Boucher at [email protected]