Ottawa firm will use funds to further develop a generic financial services administration engine
OTTAWA, Ontario – July 10, 2003 – Global IQX Inc., developer of the ConnectInsure insurance portal that enables insurance professionals to conduct online quotations and enrollment transactions, has been awarded $987,940 in funding by CANARIE Inc.
Announced by the Honourable Allan Rock, Minister of Industry, at a public ceremony yesterday, the funding will be used by Global IQX for the development and expansion of a generic financial services administration engine.
“This funding will accelerate our entry into the greater financial services market and will strengthen our core business in the insurance industry,” said Michael de Waal, President and Founder of Global IQX. “Our current clients have realized tremendous savings through the streamlining of their business processes and are now looking to us to expand our technology beyond insurance to other sectors of the financial services industry.”
Global IQX currently powers an online portal called ConnectInsure (www.connectinsure.com), which is designed to automate the quoting and enrollment of insurance plans. Using SEMCI (Single Entry Multiple Carrier Interface) technology, ConnectInsure enables the insurance broker to obtain an online, comparative quotation from multiple insurance companies in minutes. The CANARIE funding puts Global IQX in a position to expand the scope of this technology beyond the insurance sector. This would enable the company to apply its online, real-time quoting capabilities to a range of financial services products, such as group RRSPs and group annuities. It will also assist in lowering the cost of obtaining financial services products to the corporate consumer.
“CANARIE invests in Canadian ideas and Canadian research,” said Andrew Bjerring, President and Chief Executive Office of CANARIE. “The Government of Canada’s commitment to the advanced networks we develop and the advanced applications we fund has positioned Canada as a model other countries are adopting, and is critical to delivering the economic and social benefits of networks to all Canadians. The funding for this project demonstrates that commitment.”
The overall objective of CANARIE’s E-business Program is to assist Canadian industries in becoming world leaders in the development and use of E-business, including applications, business models and collaborative approaches. The specific program goals are to encourage innovative development projects that will address structural impediments and address opportunities for competitive advantage, which can also lead to new spin-off economic activity.
CANARIE Inc., Canada’s advanced Internet development organization, is an industry-led, not-for-profit corporation with primary funding from Industry Canada. Its mission is to accelerate the development and use of Canada’s advanced Internet by facilitating the widespread adoption of faster, more affordable networks and by stimulating the development of new next generation products, applications and services.
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 enrollment software for the insurance industry. The company powers an online exchange called ConnectInsure (www.connectinsure.com), which is designed to automate the quoting and enrollment of insurance plans, and also provides privately labeled insurance company broker portals. 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, Maritime Life, 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.