The North American Group Insurance Market has Been Clamoring for More Flexibility and Greater Control by Business Users in Calculating Rates for Small and Large Group Sizes Across all Products and all States…..
Global IQX Announces Availability of its Enhanced Rating Engine Within its Rating and Quotation Platform….
Ottawa, ON – December 30, 2011 – Global IQX Inc. a leading software provider in business automation and business process management for the North American Group Life and Health insurance industry, today announced that the latest enhancements of its Rating Engine are now available to Group Insurance carriers. IQX’s Enhanced Rating Engine was developed in response to the requirements expressed by its customers and prospects to provide for efficient, dependable, accurate and consistent rate calculations for both new quotes and renewals.
Most of the rating engines being utilized in today’s market offer little in terms of automation and guaranteeing that the desired result was produced. They require manual updating for rates and factors due to their inability to accept automatic uploads. Unfortunately, in far too many instances, errors in rate calculation occur frequently, requiring a significant amount of manual intervention devoted to exception processing. And Actuaries and Underwriters suffer as a result, spending inordinate amounts of time fixing errors vs. more productive uses of their time.
With these latest enhancements, Global IQX took their existing rating engine to a new level. We incorporated a more user-friendly front end environment to allow flexibility for changes to factors, rates and benefit packages with added levels of authority. Formulas are written in a more simplified manner, without the need for IT involvement. Advanced memory management allows for calculations of complex, large quotes in a fraction of the time. The end result is that the amount of time and energy Underwriting and Actuarial departments spend on calculating both New Quotes and Renewals is significantly reduced.
“We believe that this next generation of our Rating Engine is the most flexible and advanced in the industry, said Mike de Waal, Global IQX’s President. In this day when time to market is critical, it is increasingly important for a single rating engine to support both Actuaries and Underwriters, but also the unique needs of the agent/broker community. A properly architected Rating Engine should support multiple variations of rating exercises that vary from simple to very complex and support all products and group sizes. Our newest capabilities ensure that our customers will retain and grow their business through their ability to provide customized and flexible Group plans to their customers while providing service levels above and beyond their competition.”
About Global IQX, Inc.
Global IQX, www.globaliqx.com, established in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the Group Life and Health / Employee Benefits industry. It includes some of the world’s largest insurance companies as clients.
Global IQX’s production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments. Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources.
Contact: Fran Simpson; Global IQX, Inc.; 613.723.8997; email@example.com