AI and workflow enhancements boost sales, underwriting and service
Employee benefits insurers get a quantum leap in efficiency for sales, underwriting and service with the new release of Global IQX’s software incorporating artificial intelligence. Enhancements provide an improved user experience and help insurers eliminate input errors, speed turnaround times and focus underwriting on profitable business.
- AI-powered census scrubbing. The Global IQX Platform now uses AI to correct and supplement census data obtained during quoting. Analysis of large quantities of census data lets the census scrubber learn to intelligently make decisions regarding missing and incorrect data.
- Automated end-to-end group case workflow. The workflow more efficiently guides the underwriters and sales personnel through the complete quoting process. It supports all quoting processes while eliminating duplicate data entry, promoting data quality and accuracy, and providing the flexibility needed to be competitive. Compliance is ensured via business rules, roles and security, and authorization levels.
- Dynamic proposal generation. The proposal module automatically generates proposals. Proposal templates are version-controlled to ensure consistent output. Authorized users can customize proposals to meet exceptions. The configuration module gives users complete control over template maintenance.
- Lightning-fast small- and large-group rating. A powerful multi-threaded rating engine provides the ability to rate large and small groups faster. The configuration module lets actuaries modify formulas, rates and rules themselves.
- AI quick-quoting boosts sales. The quick-quoting system uses AI to make smart suggestions during the quoting process. By analyzing group attributes, the system creates options to maximize the attractiveness of the offer.
- Lead, health, risk and wearable data scores. The Global IQX Platform integrates with external systems to acquire lead, health, risk and wearable data scores. Predictive analytics and lead scores further prioritize quotes by the likelihood of actually closing a sale. Health, risk and wearable data are used to assist in underwriting and offer prices and discounts for both group and voluntary products.
- Automated renewals with the ability to renew by individual clients and block of business, batch or realtime.
“Artificial intelligence is part of the next wave in obtaining radical improvements in insurer efficiency, and it makes great sense to deploy AI in particular in employee benefits sales and underwriting,” said Rob McIsaac, an executive vice president of research and consulting and practice leader for life/annuity/benefits at research and advisory firm Novarica.
Michael J. de Waal, president of Global IQX, added: “The insurance industry is just beginning to leverage the power of AI to streamline and automate business processes and retain and go after profitable business. We are excited to be at the forefront of digital transformation for the needs of our insurance clients. It’s an important step toward an exciting future.”
About Global IQX
A leading provider of cloud-based and on-premise employee benefits software, Global IQX offers a suite of business configurable modules and microservices that digitize, streamline and automate new-business and renewal processes for employee and voluntary benefits. It covers true group and experience rating for all group and voluntary products from small to large national accounts. The Global IQX Platform uses AI and powerful rule, content and rating engines to enable dynamic proposal and policy creation, seamless enrollment and automated renewals. API and web services allow for integration into third-party systems. Global IQX supports life, health, AD&D, voluntary, worksite, disability, critical illness, vision and dental insurance. Global IQX serves some of the world’s largest insurance companies.