LOGiQ³, a provider of life insurance and reinsurance consulting and outsourcing services, has received signed letters of intent from four life insurance carriers. These carriers include The Canada Life Assurance Co., Industrial Alliance, Manulife Financial and Sun Life Assurance Co. of Canada, all of which signed the letters of intent as commitments to support the building of an industry service model project by LOGiQ³.
LOGiQ³ said the service model project allows the contracting process to become fully electronic. The screening and compliance monitoring will 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 has continued to progress.
LOGiQ³ added that it selects BlueSun, a provider of business solutions to insurance and investment brokers, as its technology partner in delivering the contracting and monitoring system for advisors, distributors and carriers. The next phase of this industry project is set to begin in January 2014 and includes project launch, project scope and governance, approach, timelines and project culture.
