White Sulfur Springs, WV (June 4, 2004) — Global IQX Inc., the leader in integrated e-business automation solutions for the group life and health insurance industry, today announced that The Principal Financial Group® has launched phase one of its web based GPS. This initiative rolled out in five months, will provide cost reductions, while increasing service levels to the respective distribution channels by streamlining the sales and enrolment process of its group insurance products.
“As well as the increased operational efficiency, the IQX solution will make it easier for brokers and consultants to do business with PFG, while still leveraging our existing technology Infrastructure. Global IQX has been a very good partner throughout the process,” said Charles Weisbecker, vice president of relationship development for the Principal Financial Group. “We are extremely pleased with the relationship and the results.”
For the Principal Financial Group®, Global IQX’s solution, rolled out nationally provides more than 300 business rules, supporting over 1000 plan options and 30 different alliance partners as well as the various Principal Financial Group® offices. The technology provides users with automation in the areas of: quoting, rating, exception based underwriting, proposal generation and enrollment processing for policy issuance. Thereby reducing costs, eliminating errors and accelerating sales cycles.
“Over the last four years we have proven we can deliver innovative business automation solutions on time and on budget. The Principal Financial Group® is a leading global financial institution and we’re pleased that they’re happy with the results of our technology solution,” said Michael de Waal, president and founder of Global IQX.
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.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)2 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. A member of the Fortune 500, the Principal Financial Group has $149.8 billion in assets under management3 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 Inc. is a leading provider of integrated e-business solutions for the group life and health insurance industry. Our offerings streamline quoting, insurance rating, proposal generation and enrolment processing for group insurance to reduce costs, eliminate errors and accelerate sales cycles in the group insurance industry. Solutions are carrier specific, and include both individual and group insurance products. Global IQX also powers privately labelled portals and the ConnectInsure online exchange.
Clients have included Empire Life, Manulife Financial, Maritime Life, Principle Financial Group, Sun Life Financial, UnumProvident, Canada Life Assurance Company, Clarica, Liberty Health, Desjardins Financial Security, and Green Shield Canada. Global IQX is a fast-growing private company, recognized by Branham 300 as one of the 25 Up and Comers. The company has is headquartered in Ottawa, Canada. For more information, visit our web site at www.globaliqx.com.