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Life & Disability Procurement
IBX (Insurance Broker Exchange) is a proprietary web-based insurance exchange platform for the procurement of group life and disability programs. The IBX system is available to an exclusive network of approximately 130 employee benefits advisory firms around the country.
Developed in 2007, IBX has been used for transactions totaling more than $2 billion of annual life and disability premium and by more than 50 Fortune 1000 companies. The system is designed to provide for the efficient distribution of insurance products in an open and transparent environment, leading to the most competitive market pricing and complete adherence to bid specifications. IBX RFPs are fully customizable and allow for inclusion of specific questions or requests from the client, such as with regards to carriers’ administrative capabilities.
The system is ideal for groups with 500 or more employees and generates an average savings of 25% - 30% per bidding event.* The entire process takes approximately 60 days and is fully run and supported by Longfellow and our IBX team of specialists. Clients can be as involved as they like in the bidding process and can view real-time results online at any time. When the bidding phase has closed, Longfellow then works with the client to select finalists, conduct finalist meetings, and implement.
The benefits of IBX to employers includes:
- Buying power - exclusive network of independent brokers, representing 6,000 employers and $2 billion in annual premium, making it the largest source of life and disability business in the country
- Process efficiency and effectiveness by leveraging market-leading technology
- Open and transparent environment squeezes margin out of bids, resulting in average savings of 25% - 30%
- Immediate, real-time results viewable at any time
- Support from a team of tenured industry experts
- Employer has ultimate control over the bidding process with minimal investment
- RFP can be fully customized to address employer’s unique and specific needs
Contact Us today to learn more about how IBX can help you save on your life and disability premiums.
*Source: IBX, 2010.