Global IQX is a digital employee benefits platform for group insurance and voluntary benefits. The IQX platform and its components are the foundation for true digital transformation.

Known for its sales and underwriting workbench that streamline the new business and renewal processes for true group, experience rating for groups of all sizes from weeks to minutes.

Global IQX provides configurable out-of-the-box components for quoting, rating, proposal and document generation, enrollment and both manual and automated renewals. The components can leverage API into existing solutions, SalesForce, claims, policy admin promoting straight-through-processing across business groups

Automated Underwriting & Renewal

IQX Automated Underwriting and Renewal (AUR) re-invents the process of renewing clients’ group quotes by reducing the need for carrier intervention for standard quotes, automatically queuing renewals for both manual and automatic re-rating, auto-generating policy renewal packages seamlessly.

(AUR) is a digital renewal solution that initiates the policy renewal process prior to renewal effective dates based on lead-times. It integrates with existing systems or can be used as part of the IQX Sales + Underwriting Workbench while leveraging IQX Quoting and Rating. Automated Renewals can be scheduled for client renewals individually, by block, by broker or by date etc.

Using an automated scheduler and in-depth business rules, AUR identifies upcoming renewals, prepares renewal quotes based on current plan design and census information, assesses risks, and prepares renewal letters for customers – or forwards the renewal for further underwriting should the renewal be flagged.

Business data for rate recalculations, including claims history, employee census, and open reserves is captured and instantly recalculates rates, generates  the reports, summaries, comparisons and renewal material necessary to complete the renewal package for brokers, producers and clients.

Quotes sent to AUR are queued to be automatically sequenced through to sold and the renewal package is created with sufficient lead-time in order to catch the next billing cycle. The producer may also manually review any quotes in this queue.

AUR underwriting tools include new business and experience rating, in-force renewal rate re-calculation and adjustments, reporting, and tracking. Rules, messaging escalation actions, and exceptions are configurable. AI renewal processing initiates case-specific rules prior to effective dates instilling confidence that policy deadlines won’t be missed. Alternate plans designs and optional products can also be quoted.

The IQX Configuration Modules provide business users with full control of security, permissions, rates, rules and document definition easily facilitating changes in business process and product evolution.

Features:

  • Intelligent Workflow
  • Accelerate and streamline risk analysis
  • Straight-through-Processing
  • Automatically recalculate renewals
  • AI alternate plan designs
  • Efficient importing of census, experience, rates from claims and admin vendors etc.
  • Per case, by block renewals
  • 360̊ view allows for multiple views and negotiated rates, if required
  • Configurable
  • SMART feature enables 100% automated underwriting for jet issue cases
  • Send jet renewals to your sales team
  • Auto reload for sold renewal data to admin system
  • Pre-filled compliant master applications, enrollment, and evidence of insurability forms improve customer satisfaction
  • Reduces re-keying data and risk of error
  • Push sold data to self-service portals
  • Ability to on-board and enroll

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Solution Summary

 

Global IQX Solution Summary, Understanding the Platform

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