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Autumn 2020 Update: Powering Better Plan Design with AI

Over the past few months, Global IQX offices have been abuzz with excitement as our talented IQXers delivered several purpose-driven AI enhancements to our industry-leading insurance technology platform:

  • Predictive Analytics for New Plan Design (the latest from IQX’s AI Recommendation Engine)
  • AI Census Scrubber
  • Usability Enhancements
  • Mobile Optimization
  • General Enhancements

The IQX platform is constantly improving, and our commitment to continuous improvement and alignment with our clients’ strategic objectives has enabled us to become the global leader in AI-driven solutions for the group insurance industry today.

Many of our latest enhancements and initiatives have already drawn praise from clients, and further establish our positioning on the leading edge of insurance innovation.

Predictive Analytics for New Plan Design

To meet increasing demand for streamlined plan design, particularly during busy times like October, Global IQX has launched Predictive Analytics for New Plan Design. This new feature is powered by IQX’s AI Recommendation Engine, the technology behind intelligent new tools across our platform.

Browser mockup of a group benefits plan selected by AI

Built using a range of complex AI and machine learning techniques, Predictive Analytics for New Plan Design allows insurers to make quoting recommendations for both new and existing client renewals based on successful past plan design and various other data points.

The AI Recommendation Engine, announced in IQX’s summer update, can automate underwriting, reduce the time required to assemble a quote, and increase revenues and customer success by recommending the plan design that will be most successful for each carrier.

“These new IQX components can greatly improve straight-through processing (STP) during peak periods like renewal periods when a large number of quotes must be processed in a short period of time,” adds Cristian Marcov, IQX’s Technical Architect.

AI-powered Census Scrubber Enhancements

Introduced earlier this year, IQX’s AI-powered Census Scrubber allows insurers to calculate accurate rates seamlessly without manual intervention or guesswork.

Browser Mockup of IQX's AI Census Scrubber

The IQX Census Scrubber offers automated mapping of data elements and values for imports into any file format. The rules-based Census Scrubber auto-corrects missing or erroneous values during census import using enhanced smart link scrubbing capabilities. Census data is logically assessed for incorrect information and corrected automatically.

One of IQX’s most popular AI-powered features, Census Scrubber recently received various performance and usability enhancements.

General Features and Enhancements

Global IQX commits to continuous enhancement of all existing features, optimizing them for performance, new technologies, user behaviour, and market trends. We are pleased to announce our latest general enhancements:

Usability Enhancements

  • Quick Links: As part of our ongoing commitment to usability optimization, Global IQX introduced a clean Quick Links section in the toolbar for commonly used features, saving users time and effort.
  • User Preferences: The IQX team recently added a new user preferences component, allowing users to adjust their theme, picture, links, and more.

Quoting and Rating Engine

The most powerful rating engine on the market just got better.

  • Integrated Rating Editor: The IQX team introduced a new, web-based integrated rating editor, offering more flexibility than ever before.
  • Performance Improvements: The IQX team implemented efficiencies to speed up table indexing for quicker boot-up times (great for groups of all sizes).
  • More Filtering Options: The latest release includes more filtering options, such as dropdown menu items that can be filtered by situs state or other criteria. This provides our diverse set of clients the flexibility they need to do their jobs.

Powerful Mobile Experience

To help insurers get the best experience out of IQX at the right time and on the right device, our team has committed to continuous improvement across devices. Our latest release includes a redesign of the user interface and layout for better mobile support.

Additional ongoing mobile optimization is planned for the near future.

Illustration depicting a woman with a positive mobile experience

IQX Roadmap

Global IQX is North America’s leading AI-driven group insurance procurement technology platform for new business and renewal underwriting. With several more AI and machine learning initiatives already in development for the rest of 2020, Global IQX will continue to advance our automation and predictive analytics capabilities to align insurers with rapidly evolving customer expectations.

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To learn how these new features will bring value to your insurance organization, request a demo of IQX today.

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