(Church Of Our Lady Immaculate in Guelph, Ontario, where The Co-operators is headquartered. Photo credit: John Vetterli.)
The Co-operators Life Insurance Company (Guelph, Ontario) has selected Global IQX’s (Ottawa) platform for underwriting, rating, illustrations and reports for its employee benefits and worksite products. The Co-operators will also configure and utilize Global IQX’s Sales and Underwriting Workbench.
The insurer will deploy Global IQX’s components, supported by the vendors’ configuration modules, with the goal of enhancing The Co-operators new business acquisition and retention processes, thereby providing business growth, efficiency and improved customer service, according to a Global IQX statement.
The leadership of The Co-operators, which serves clients throughout Canada with a complete portfolio of group benefits products, report being impressed with the way Global IQX’s software is designed to allow it to be easily configured and integrated with other solutions for a streamlined insurance experience. “With it, we will be able to expedite sales and underwriting turnaround times and enhance our business and technology capabilities,” comments Conor Quinn, VP Group Benefits Insurance of The Co-operators. “Global IQX is a partner that knows group insurance and has a proven solution. We look forward to its implementation as we continue to grow our business and provide efficient support to our business partners and clients.”
Seeking Increased Market Agility
Increasing market agility and driving down costs are among the highest priorities of most Group carriers, according to Craig Weber, CEO of research and advisory firm Celent. “Tools like this, aimed at facilitating complex underwriting scenarios and enhancing administrative capabilities, are of immense promise and important to remaining competitive,” he says.
The Co-operators benefits products include life, disability, dental, health, medical, and critical illness, as well as employee assistance programs.