Canadian life insurance distribution project gains the support of 4 key insurers

Four key Canadian insurance carriers commit to participate in the build of an industry advisor screening, contracting and compliance monitoring service project

Toronto, ON (Jan. 17, 2013) – LOGIQ³ reached a major milestone on the Industry Advisor Screening, Contracting and Compliance Monitoring Service Project by receiving written commitment to participate in the build of this service from The Canada Life Assurance Company, Industrial Alliance, Manulife Financial, and Sun Life Assurance Company of Canada.

LOGiQ³, a Toronto based expert provider of life insurance and reinsurance consulting and outsourcing services, began the investigation of an industry advisor screening, contracting, compliance monitoring model just over a year ago. The model under investigation allows the contracting process to become fully electronic and the screening and compliance monitoring to become standardized, verifiable, and auditable. In April 2013, the company announced the commitment of a key group of Managing General Agencies to investigate the initiative’s feasibility. Since then, the project continues to progress.

Today, LOGIQ³ announces the receipt of signed Letters of Intent from four key life insurance carriers, The Canada Life Assurance Company, Industrial Alliance, Manulife Financial, and Sun Life Assurance Company of Canada, as commitment in supporting the build of this industry service model project by LOGIQ³. In addition, LOGIQ³ also selects BlueSun, a leading provider of business solutions to insurance and investment brokers in North America, as their preferred technology partner in delivering this new contracting and monitoring system for advisors, distributors, and carriers.

“This is a great example of the industry’s ability to collaborate and innovate for the benefit of the ultimate customer, the policyholders,” commented Chris Murumets, CEO of LOGIQ³. “We are excited to be part of this first of its kind initiative and working with our technology partner, BlueSun in delivering this unique solution.”

“This project is very exciting and all industry stakeholders including carriers, distributors, advisors, regulators, and industry groups will be engaged during the various stages,” added Richard Sachs, the initiative’s Senior Project Manager. “We are bringing a new perspective to the delivery of compliance related activities and we expect to see significant economies and improved processes for all participants.”

The next phase of this industry project is set to begin in January 2014. This next phase includes project launch, project scope and governance, approach, timelines and project culture.

About LOGiQ3

LOGiQ3 is the expert provider of life insurance and reinsurance consulting and outsourced services. LOGiQ3 delivers long-term strategic solutions and short-term tactical support across Underwriting, Reinsurance Administration, Claims and Audit. LOGiQ3 supports clients across the life insurance service chain from agent to retrocessionaire from its offices in Toronto, Canada, and Cardiff, UK.

About BlueSun

BlueSun is a leading provider of software solutions to the financial services industry. BlueSun delivers custom built solutions addressing administration, membership, sales and marketing and distribution. BlueSun provides WealthServ, a SaaS solution for MGA’s, mutual fund and investment dealers. BlueSun supports clients across North America and has offices in Burlington, Ontario and Syracuse, New York.

Source: LOGiQ3