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March 09, 2015 | Leave a Comment
Innovative technology is changing the way businesses are purchasing Life, Disability, Dental and Vision benefits for their employees. Leading the charge in this area is The Insurance Brokerage Exchange (IBX). IBX is a comprehensive, online tool that is transforming the traditional RFP process into a streamlined experience that increases carrier competition through transparency and generates best in market quotes through its reverse auction capabilities. IBX is significantly reducing the cost of employee benefits for household Fortune 50 names, as well as smaller and mid-size firms across the county.
The Cornerstone Insurance Group is currently the sole provider of IBX in the St. Louis area.
At Cornerstone, our focus is on implementing strategies that positively impact our clients’ bottom line. Our partnership with IBX provides clients with the ability to:
- Save time and money through a more streamlined RFP process
- Access a larger market of qualified carriers — thus widening the scope of competitive products and pricing
- Engage carriers through an online, transparent bidding process
- Choose from best-in-market quotes achieved through a real-time reverse auction process
While cost savings is an important part of the services Cornerstone provides to clients, we recognize that price is not the sole driver in the selection process. In fact, often the lowest cost carrier is not selected, but significant savings are still attained. Between 2011 and 2013, over 400 groups representing over 2 million employees achieved an average annual savings of 20% on their Life and Disability costs through the IBX experience, with many of them retaining their existing carrier.
IBX provides clients with a competitive advantage through increased efficiencies, a wider range of solutions, and a transparent bidding process that increases competition and reduces cost. It’s a game-changer in this market and we are proud to be able to offer this technology to our clients. To see if IBX can help you contact your Cornerstone Broker.
written by David Baughman, Vice President, The Cornerstone Insurance Group