Business Rule Management (BRM) is a recognized best practice for businesses that operate in environments where products, policies, and regulations are complex and fast changing. Global IQX® technology affords carriers with the option to maintain and administer their own business rules, thereby reducing ongoing maintenance costs and improving time to results in changing market conditions.
The functionality behind IQX’s Business Rules Manager is fully customizable. Business rules governing specific functions such as rule sets, permits versioning and rule template creation can be grouped, and an audit trail enables carriers to view a business rule’s history. The IQX Rules Engine automates the use of these rules across the platform and ensures changes are generated immediately.
In order to ensure a cohesive business environment, we coupled business rules with user authorization levels where business rules preside over actions and events. When a user does not possess the proper authorization level to approve a rule, the user can acknowledge such, and proceed to the point where the rule must be approved before continuing. Once an authorized user has approved the rule, the quote continues to the next processing stage.
For example, authorization level limitations could be imposed on selected actions and events, such as quoting and calculating rates, the ability to set Market Factor Adjustments, and the ability to create and execute Business Rules.