Insurance is a decision-based business whose success depends on making smarter, better, and faster decisions than the competition. An insurer must price, underwrite and adjust business rules consistently while keeping in compliance with frequently changing regulations. Traditionally, insurers have relied on written procedures, training, and hard-coded programs for consistency, and on actuaries, underwriters and adjusters to make the right decisions. But, as change becomes more frequent and decisions more complex, insurers require better solutions.
IQX Business Rules Engine is a set of tools that allows analysts and developers to build calculations and decision logic based on a company's data. Its primary purpose is to separate the business logic from the system logic allowing substantial changes in system behavior without substantial changes to code. The IQX Business Rules Engine allows authorized users to add, update and maintain business rules. Using this solution, insurance carriers can automate day-to-day decisions and processes enabling speed, agility and consistency, without sacrificing underwriting integrity.
IQX Business Rules Engine functionality is customizable. It allows users to group business rules governing specific functions such as a rule set, permits versioning and rule template creation and provides an audit trail enabling carriers to view rules in force history.
