Global IQX to Power Employee Benefits Marketplace for Insurers and SMEs
Global IQX Secures Financing, Opens Offices, Negotiates with Major Insurance Carriers
Ottawa, Ontario — February 27, 2001 /CNW/
Global IQX Inc., an Ottawa based company and developer of the first dynamic web-based group insurance marketing, quoting and enrollment service, announced today that Sojecci Ltée and I·U·GO Ventures Inc. both of Montreal, Quebec, have made a significant investment in Global IQX to accelerate its growth across North America.
Using its proprietary Insurance Quotation Exchange Engine (IQX™) e-commerce technology, Global IQX will power online employee benefits marketplaces that will streamline the process and allow insurance carriers, brokers and small to medium-sized enterprises (SME’s) to conduct online quotations and enrollment transactions through an intuitive, secure interface, in real-time via the Internet. The sites, which will be available in English and French, will go live this spring and will bring savings in both time and money for its users.
The IQX™ engine has been built using standard insurance quoting business rules from all carriers and allows quotes to be obtained with a few pieces of information in just seconds. Benefits packages can be modified “on-the-fly”. The engine then facilitates the enrollment process either directly with the carrier or through a broker.
Negotiations are currently underway with major insurance carriers who will use IQX™ technology as the quotation engine for their respective web sites. “These companies realize that the IQX™ technology is a cost-effective means to extend their brand on-line, providing opportunities for cross selling and expansion of products,” said Michael de Waal, president and founder of Global IQX.
The Small Business group insurance market in North America is estimated at 30 billion dollars Canadian. According an A.M. Best 1998 study, only 40% of North American businesses with less than 100 employees provide healthcare benefits. And, according to a recent allbusiness.com survey, some 80% of small businesses are unsatisfied with their existing insurance. IQX™ can help carriers and brokers to service this market cost effectively.
“This is a very exciting time for us,” said de Waal, referring to the launch and financing. “Global IQX has a sound business model, and a superior product. The venture capital community has quickly recognized this by investing in our business. The momentum continues to grow and we are rapidly securing insurance partners across North America and around the world.”
“We’ve taken an exhaustive look at the Canadian marketplace in terms of investment opportunity,” said Christian Chagnon, Managing Partner of I·U·GO Ventures. “We chose Global IQX as our first entry into business-to-business applications because it has a solid business model and viable product that promises good returns.” Global IQX is the first Ottawa-based company supported by Chagnon family funds.
Based in Montreal, Sojecci Ltée is controlled by the Chagnon family and is the former majority shareholder of Le Groupe Vidéotron Ltée. The Chagnon family has been involved in the broadband cable, broadcast, and telecommunications sectors for over 35 years. Videotron was recently sold to Quebecor, a Canadian media corporation for $5.4B. One of the new strategic initiatives of the Chagnon family will be to participate, through private equity investments, in emerging broadband companies worldwide.
I·U·GO Ventures Inc.
Sojecci Ltée has selected I·U·GO Ventures Inc. to manage its broadband private equity investment portfolio. I·U·GO Ventures Inc. is a strategic investment firm, specializing in broadband. I·U·GO Ventures is committed to the development and deployment of global broadband services for consumers and small & medium-size businesses. Most of the I·U·GO Ventures partners are former Videotron executives involved in the deployment of Videotron’s broadband Internet offerings including the consumer portal, the broadband access ISP, and the Voice over IP initiative. This core I·U·GO team also includes senior executives coming from the wireless, finance and marketing sectors.
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.