The Principal to utilize software firm’s distribution technology to streamline insurance quotes
OTTAWA, ON – September 16, 2003 – Global IQX Inc., a leading provider of Single Entry Multiple Carrier Interface (SEMCI) portal software for the North American life and health insurance industry, today announced a key licensing agreement with the Principal Financial Group®.
The Principal Financial Group will implement Global IQX’s sales and distribution software with its group insurance products, nationwide. This technology will enable The Principal® to provide their respective distribution channels with the ability to perform online, real-time quotes.
“The Principal Financial Group is a leading global financial institution and we’re thrilled that they’ve selected our technology solution,” said Michael de Waal, president and founder of Global IQX. “Our sales and distribution software was chosen because over the last three years it has proven that it can streamline the quoting, rating and enrollment processes of our clients.”
The Principal will license two major components from the IQX product line – the IQX™ Engine and the IQX™ Administrator. The IQX Engine uses a set of configuration rules to generate quotes and enrollment transactions that are customized to an insurance carrier’s specifications. This simplifies the customary process for supplying insurance quotations by delivering the quotation instantly, saving time and money for the carrier. In addition, IQX Administrator will provide The Principal with an interface to its existing systems. This suite offers head office and field office functionality, including the ability to view a broker portfolio through a single application and reduced duplication in making plan and rate changes.
“We want to make it easier for our brokers and agents to do business with The Principal. We chose to partner with Global IQX because they offered us a proven cost-effective method of streamlining the insurance quoting and enrollment process,” said Charles Weisbecker, vice president of relationship development for the Principal Financial Group. “We look forward to implementing this innovative technology.”
Global IQX delivers integrated Web-based solutions for quoting, procurement, distribution and fulfillment both on a SEMCI and privately labeled basis. The results are efficiency, decreased costs, improved service and increased revenues, all in real-time. Global IQX has a proven track record with major North American insurers. Since inception, the company has partnered with the Canada Life Assurance Company, Clarica Life Insurance Company, Desjardins Financial Security, Empire Life Insurance Company, Green Shield Canada, Liberty Health, Manulife Financial, Maritime Life, Sun Life Financial and UnumProvident.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States . A member of the Fortune 500, the Principal Financial Group has $128.0 billion in assets under management and serves clients worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
About Global IQX Inc.
Global IQX is the developer of the IQX™ Engine and the IQX™ SEMCI Engine, 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. 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.