Global IQX Automated Underwriting and Renewal (AUR) is an exclusive 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.
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.
Business data for rate re-calculations, including claims history, employee census, and open reserves is captured and instantly 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. SMART renewal processing initiates case-specific rules prior to effective dates instilling confidence that policy deadlines won’t be missed.
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.
AUR enables better business flow, consistent underwriting decisions, faster throughput and optimized workflow, expediting the policy renewal process for both carrier and client.
- Streamline quote renewal by importing administration and claims data
- SMART feature enables 100% automated underwriting for jet issue cases
- Automatically send jet issue renewals to your sales team
- Upload current census and experience data for rapid, accurate renewal quotes
- Pre-filled compliant master applications, enrollment, and evidence of insurability forms improve customer satisfaction
- Rule-based Automated Underwriting reduces re-keying data and risk of error