Investment supports company�s straight-through processing platform for its� Group insurance business
Ottawa, ON – April 18, 2008 – Global IQX Inc. a leading software provider in business automation and business process management for the North American employee benefits industry, today announced that Shenandoah Life Insurance Company has licensed the Global IQX software platform to provide capabilities for online quoting, rating, proposal generation, underwriting, renewal management and detailed reporting.
Shenandoah Life, headquartered in Roanoke, Virginia, is a mutual insurance company that was founded in 1914. They are licensed in 31 states and the District of Columbia, and market individual life, health and annuity products and group vision, dental, life and disability products to various markets – most notably senior citizens, families and businesses. Shenandoah Life is a growing, profitable insurance company that is focused on designing products that meet clients’ needs, providing outstanding service, and developing a talented, diverse staff that will position the company for a new era of growth.
After a thorough evaluation process that considered the offerings of the leading quote and rating automation vendors in North America, Shenandoah Life chose Global IQX as the best scalable solution to support the company�s straight-through processing platform for their Group insurance business. To be implemented in two phases, the project�s scope includes the design, implementation and testing of a packaged Rating and Quotation solution, and its associated processes for supporting Shenandoah Life�s Group Vision, Dental, Disability and Life insurance products. The project scope also includes extracting data for use in other Shenandoah Life systems.
According to Cynthia L. Light, CLU, ChFC, Vice President � Marketing & Sales, �In the past two years, we have rolled out numerous enhancements to our Group product line that have supported significant growth in our targeted markets. It was only natural for us to complement our diverse product portfolio by streamlining and enhancing our sales and service processes. Global IQX is a proven leader in the employee benefits software industry, with extensive experience and demonstrated expertise in matching technology solutions to customers’ needs. We believe our investments in technology foster stronger relationships with our customers and make it easier for our employees to provide outstanding service.�
�We selected Global IQX due to their vast industry expertise and the successful, long-term relationships they have built with their clients. We believe their sophisticated software platform will provide us with the ability to improve selling relationships with our current agents and brokers while attracting new distribution partners who are on the forefront of technology,� said Light.
�In 2007, we made significant investments in our web-based service and straight-through processing (STP) systems,� said Gene P. Berry, CLU, ChFC, Senior Vice President, Insurance Services & Chief Information Officer. �Our investment in the Global IQX platform reflects our continued commitment to providing superior service to our brokers and policyholders.�
“We are very excited that Shenandoah Life has selected Global IQX to automate their business process management systems. We have been laser focused on delivering intelligent and integrated sales and automation modules to the employee benefits industry. This is another major win for us,� said Michael de Waal, Global IQX president, about his company�s newest customer.
�Shenandoah Life is known as an innovative company that delivers superior service, and joins a growing list of forward-thinking insurance companies that want to simplify how they conduct business with their customers, while streamlining their internal business processes,� added de Waal.
About Shenandoah Life Insurance Company
Shenandoah Life Insurance Company, headquartered in Roanoke,Va. is a mutual life insurance company with more than $1.9 billion in assets and $15 billion of insurance in force (source: 2007 audited annual financial statements). The company was founded in 1914 and operates in 31 states and the District of Columbia. The company offers group Vision, Dental, Disability and Life products for groups of all sizes, and individual life and annuity products.
About Global IQX, Inc.
Global IQX, www.globaliqx.com, established in 1999, specializes in configurable, component-based sales and services automation solutions that streamline and optimize business processes for North American group benefits insurance organizations. Offered as a complete suite or individually, these solutions automate rating, underwriting, renewal, proposals and enrollment supporting all lines and market segments. Global IQX production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments. Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources. Clients include many of North America�s largest insurance companies.