Global IQX Announces Availability of Latest Enhancements to the Renewal Component
Ottawa, ON – January 26, 2010 – Global IQX, the leading North American provider of business automation and business process management software for the employee benefits industry, today announced that the latest enhancements of its Renewal component are available to Group Insurance carriers. IQX Renewal was developed in conjunction with the business requirements of several of IQX’s customers and prospects. The enhanced Renewal component will reduce the manual intervention associated with Renewal process and free up Actuarial and Underwriting staff to perform other important tasks by automating all aspects of the renewal cycle.
IQX Renewal streamlines the process of renewing quotes with new comprehensive functionality. It can now import the most current data from a carrier’s administration or claims system into the IQX Renewal engine. It provides Group insurance carriers with an exclusive automated renewal rating and workflow solution for all group products that can be used to initiate or set-up the renewal process prior to a renewal effective date based on case-specific lead-times. Integrated within the IQX Platform and other IQX components, it provides a full complement of underwriting tools should case intervention be required, including new business, experience rating, in-force renewal rate re-calculation, adjustments and alternatives, reporting and tracking, thereby eliminating redundant business processes.
IQX Renewal is rules-based. As such it can automatically assess the renewal quote by measuring rule parameters defined tolerances, breakevens, loss ratios etc to determine if the quote qualifies for automated generation or the manual renewal intervention queue. Quotes sent to Auto Renewal can automatically generate a renewal proposal including alternate rates and plan design and deposit them in a Renewal Package Repository, where it is available for distribution to the appropriate department. Business rules manage workflow based on authority levels, and routes the renewal by messaging to the appropriate department (sales, underwriting, agent, broker) for the next stage of processing.
“This next generation of Renewal processing is quite unique for our industry, said Mike de Waal, Global IQX’s president. “This will streamline and automate the once laborious process of renewing group insurance clients for all parties involved. These features will provider a significant Return of Investment to our clients and prospects. I am particularly proud of our ability to leverage the most current census and experience information through interfaces to the administrative and claims systems of some of our alliance partners to produce the most accurate renewal quotes possible”, adds de Waal.
According to de Waal, “a growing list of forward-thinking insurance companies have either licensed or are looking to license our software platform to support a full array of Group insurance products, and all of the processes between requests for quotes through to the final sale. We are anxious to these next-generation capabilities for renewal and leverage them with other organizations throughout North America.”