Alliance with UnumProvident to bring LTD product to www.connectinsure.com
OTTAWA, Ontario – March 27, 2003 – Global IQX Inc., developer of the ConnectInsure Web-based quoting service that enables insurance professionals to conduct online quotations and enrolment transactions, today announced a partnership with UnumProvident.
UnumProvident, the leading provider of income protection insurance*, will distribute its Long Term Disability Income Protection (LTD) product (to employers with 2-50 employees) through the ConnectInsure Web site at www.connectinsure.com. ConnectInsure streamlines business processes for insurance professionals by offering online, comparative insurance quotations from multiple carriers in real-time.
�UnumProvident has a solid reputation in the industry as a very strong disability carrier,� said Michael de Waal, president and founder of Global IQX. �The addition of UnumProvident�s specialized group disability products to our site will further expand the product offerings available to ConnectInsure users across Canada.�
�The addition of UnumProvident means we now offer products from nine different carriers through ConnectInsure, which attests to the success rate of our IQX SEMCI technology.�
The partnership will support the sales of UnumProvident�s group LTD product nationwide. Using Global IQX technology, ConnectInsure will provide UnumProvident�s employees and other licensed insurance professionals with access to a secure, online environment for the administration and management of all sales cycle activities.
�ConnectInsure provides us with an ideal distribution channel to broaden our marketing efforts to the group broker and consultant community in Canada,� said Sean Seguin, vice-president of distribution for UnumProvident. �Global IQX�s innovative technology enables us to harness the power of the Internet to streamline the quoting process for our customers.�
The terms of the agreement anticipates the full integration of UnumProvident�s product with the ConnectInsure site later this year. Following this announcement of online RFP automation of UnumProvident�s small group business, Global IQX will implement proposal generation, enrolment, underwriting and reporting for the insurance carrier.
UnumProvident, named this month as one of �America�s Most Admired Companies� by Fortune Magazine for the third consecutive year, is the eighth major carrier to partner with Global IQX since its incorporation in 2000. Other insurers offering products through the ConnectInsure site include Sun Life Financial, Canada Life Assurance Company, Liberty Health, Empire Life Insurance Company, Desjardins Financial Security, Manulife Financial and Green Shield Canada. Product offerings are carrier-specific, and include both individual and group insurance products.
Used by over 1,600 licensed insurance professionals across the country, ConnectInsure is a Web-based application powered by the IQX Platform. Available free of charge, ConnectInsure offers plan advisors, brokers and other certified benefit planners access to an instant, online quoting service. Using traditional channels, it can take up to six weeks to gather the detailed information for a client quote and presentation. ConnectInsure delivers all the same information in a few minutes.
About UnumProvident Corporation
The subsidiaries of UnumProvident Corporation (NYSE: UNM) offer a comprehensive, integrated portfolio of products and services backed by industry-leading return-to-work resources and disability expertise. UnumProvident is the leader* in income protection, providing insurance and services to individuals, both directly and through their employers. UnumProvident has more than 100 years of experience in creating innovative solutions that protect the rewards of work: paychecks, assets and lifestyles. UnumProvident was named one of Fortune�s top ten most admired insurance companies**. UnumProvident Corporation has operations in the United States, Canada, the U.K., Japan, and elsewhere around the world. Company headquarters is in Chattanooga, Tenn. with significant U.S. operations in Portland, Maine; Worcester, Mass.; and Glendale, Calif. For more information, visit our Web site: www.unumprovident.com.
* UnumProvident represents multiple insuring subsidiaries of UnumProvident Corporation, including the #1 individual and group income protection carriers in the U.S. and Canada, according to the LIMRA 2001 Issues & In-force Surveys, 2002 and the JHA U.S. 2001 Group Disability Market Survey, 2002.
** �America�s Most Admired Companies.� Fortune magazine, March 3, 2003.
About Global IQX Inc.
Global IQX is the developer of the IQX Engine, IQX SEMCI Engine and the IQX Platform, a suite of component-based quoting, distribution and enrolment software for the insurance industry. The company also powers an online exchange called ConnectInsure, which is designed to automate the quoting and enrolment of insurance plans. Global IQX has streamlined the traditional process for supplying insurance quotations, saving registered brokers and insurance carriers time and money. Global IQX�s major partners include UnumProvident, Sun Life Financial, Canada Life Assurance Company, Liberty Health, Empire Life Insurance Company, Desjardins Financial Security, Manulife Financial and Green Shield Canada. Product offerings are carrier specific, and include both individual and group insurance products. Headquartered in Ottawa, Global IQX is a privately owned corporation launched in March 2000. For more information, please visit the Global IQX Web site at www.globaliqx.com.