IQX Quoting and Rating Engine
The IQX Quoting and Rating Engine, developed using reliable and scalable J2EE technologies automates quoting and rating for all channels and market segments. Contributing to higher conversion rates and lower maintenance, support and distribution costs, it generates quote, proposal and enrollment transactions customized for Group Benefits Insurance Carriers. Global IQX technology separates business rules from application code, allowing carriers to maintain and administer their own business rules. The IQX Quoting and Rating Engine is production-proven in Life and AD&D, voluntary term life, disability, dental (PPO and HMO), extended health, medical, critical illness, employee assistance programs annuities and group RRSPs.
Global IQX's innovative technology enables us to harness the power of the Internet to streamline the quoting process for our customers.
For carriers whose application cannot support existing and anticipated needs, the web-enabled IQX Quoting and Rating Engine provides a proven platform and data transfer standards to easily integrate with legacy systems and newly developed solutions. Extensible to enable integration into a SEMCI environment, the solution provides a single interface to communicate with multiple carriers and vendors for quoting and benefit information; ideal for carriers who want to extend their distribution channels. The solution also enables side-by-side comparison of multiple plan designs.
IQX Underwriter
For underwriters, the primary job is to manage risk. IQX Underwriter streamlines the process of reviewing quotes and accessing accounts to analyze risk. The underwriter simply logs into the system and is provided with information on quotes pending, upcoming renewals and active accounts. With this information, the underwriter can create reports and analytics on quote, broker and client information using the various provided 'search' options. The underwriter is given the ability to immediately apply and notify the carrier home office and policyholders with underwriting decisions. Using IQX Underwriter, underwriting departments operate with the efficiency of a streamlined organization.
IQX Proposal Generator
IQX Proposal Generator assembles proposal documents and reports for the user by extracting predefined data from the carrier. IQX Proposal Generator ensures that user quotes are compliant with the product and jurisdictional requirements for proposals and forms. The solution integrates with back-office systems, eliminates duplicate entry and errors, supports the assembly of multiple proposals and proposals with multiple classes and reduces the sales cycle -- improving customer satisfaction though rapid automated document creation.
IQX Enrollment
IQX Enrollment produces enrollment forms from the carrier's standard application forms and pre-populates them with census data collected by the rating engine. These application forms include the group master application, the individual enrollment and the evidence of insurability forms. Once created, these forms can be accessed online to be completed by employees.
By reducing data input errors and the burden on plan administrators, plan members, agents and brokers, IQX Enrollment creates higher levels of satisfaction within the entire value chain.
IQX Renewal
IQX Renewal streamlines the process of renewing Group business by linking with legacy systems to apply rules and ratios for renewal. It provides Group insurance carriers with an "Out-of-the-Box" renewal rating solution that can be used to initiate the renewal process prior to a renewal date based on case-specific lead time. Integrated with the IQX Platform and other IQX products it provides a full complement of underwriting tools from new business rating and tracking to in-force renewal rate re-calculation, reporting and tracking. Through interfaces with IQX products (Quoting and Rating, Business Rules Engine, Import/Export, Reports and Channel Management) duplication of functionality is eliminated.
IQX Renewal automatically draws on information available in a carrier's administration system to re-calculate rates at each policy anniversary (renewal month). It captures required business data for rate recalculation including claims history, employee census and reserves (IBNR, DLR, LWP). Business rules determine the workflow, based on authority levels, and channel the renewal via messaging to the appropriate department (sales or underwriting) for processing. All necessary renewal material is provided through IQX Renewal (reports, summary comparisons, etc.) so that the renewal package is complete when it reaches Sales for distribution to the broker, producer and/or client.
IQX Renewal can also be used to calculate rates for alternate plan designs on in-force business both on and off renewal.
