Insurtech. The term may not spark the same recognition as fintech, blockchain or cryptocurrency. But for Ottawa’s Global IQX, it’s a global business that will only get bigger.
Global IQX President and Founder Michael de Waal admits it’s often a tough sell to convince people that the insurance business is cool. What his team does to make the industry work better, however, most certainly is.
“We have added three Fortune 500 insurance companies to our roster of happy clients in the past couple of years, with a significantly smaller team than our clients who usually have thousands,” he said. “Our laser focus and our intellectual property allows us to configure and deploy in a matter of months a production-proven system that would take them longer to build, and at greater cost.”
Since 1999, Global IQX has helped some of the world’s largest insurance companies modernize and streamline their processes with end-to-end software for underwriting and sales automation.
Consider a typical national insurer that provides group benefits to employers. It may have hundreds of clients. These clients range from small businesses with a handful of staff, to multinational corporations with complex employee benefit plans that are unique by division and class.
Now think about managing all that – uploading employee information, designing and rating the benefit products, enrolling new employees and then generating all the necessary paperwork, including contract documents, employee information booklets and certificates.
“Our team creates innovative software that empower insurers to handle sales and underwriting activities faster, better and more efficiently, to save time, save money and provide better service, to their clients and their clients’ employees,” de Waal said.
Don’t just take the boss’s word for it
Jeff Weaver, Director of Global IQX’s U.S. Underwriting and Actuarial Services in Portland, OR, experienced this first hand in his previous role as a Global IQX client.
“Global IQX’s platform increased that insurer’s proposal capabilities by 600 per cent,” he said. “Global IQX has carved an interesting niche, known for its leading technology and unmatched customer service. It now has five times the customers of its nearest competitor and continues to grow.”
A daily sense of accomplishment inspires Deyang Liu, who works as a development manager at Global IQX’s Ottawa office.
“Everyone has a role to play and is motivated to do their best,” he said. “They are genuinely invested in a successful outcome for each one of our clients. This is a fun and tight-knit work environment. My fellow employees inspire me every day with their commitment.”
Global IQX is looking for more people
As a growing company, Global IQX is looking for new staff who are interested in a challenge and being part of an innovative team.
Derek Benda, a software engineer who moved from Toronto to work at Global IQX’s Ottawa HQ, summed it up best: “We work hard together to produce leading tech and deliver for our clients on-time – after that, we play foosball. It’s about life balance. Work, play, fun.”
This article originally appeared in the Ottawa Business Journal.