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.
