Summer 2020 Update: What’s new with IQX?
Over the past few months, Global IQX offices have been abuzz with excitement as our talented IQXers delivered several purpose-driven AI enhancements to our industry-leading insurance technology platform:
- AI Recommendation Engine
- AI Census Scrubber
- Usability Enhancements
- Mobile Optimization
- General Enhancements
The IQX platform is constantly improving, and our commitment to continuous improvement and alignment with our clients’ strategic objectives has enabled us to become the global leader in AI-driven solutions for the group insurance industry today.
Many of our latest enhancements and initiatives have already drawn praise from clients, and further establish our positioning on the leading edge of insurance innovation.
New Feature: AI Recommendation Engine for Insurers
To meet an increasing need for more streamlined underwriting and quoting, Global IQX is launching the most advanced recommendation and predictive analytics engine in the group insurance industry.
Built using a range of complex AI and machine learning techniques, the new Recommendation Engine allows insurers to make quoting recommendations for both new and existing client renewals based on demographic similarities and other data points such as size and industry.
Launching a Recommendation Engine as complex as this is an accomplishment in the insurance industry, where data is highly sensitive and not publicly available.
“The main challenge for recommendation systems in the group insurance industry is the lack of initial data and the constraints introduced by the Personally Identifiable Information regulations,” says Cristian Marcov, technical architect at IQX and expert in complex web applications.
Advanced artificial intelligence and machine learning algorithms were used to overcome this barrier, allowing our clients to benefit from actionable insights without sharing their data.
“It’s very exciting,” says Junaedur Rahman, an artificial intelligence expert and developer for the initiative, “there’s nothing else like it in the group insurance industry.”
The Recommendation Engine can automate underwriting, decrease the time to assemble a quote, and increase revenues and customer success by recommending the plan design that will be most successful for each carrier based on past success data.
“These new IQX components can greatly improve straight-through processing (STP) during peak periods like renewal periods when a large number of quotes must be processed in a short period of time,” adds Marcov.
AI-powered Census Scrubber Enhancements
IQX’s AI-powered Census Scrubber allows insurers to calculate accurate rates seamlessly without manual intervention or guesswork.
The IQX Census Scrubber offers automated mapping of data elements and values for imports into any file format. The rules-based Census Scrubber auto-corrects missing or erroneous values during census import using enhanced smart link scrubbing capabilities. Census data is logically assessed for incorrect information and corrected automatically.
One of IQX’s most popular AI-powered features, Census Scrubber recently received various performance and usability enhancements.
General Features and Enhancements
Global IQX commits to continuous enhancement of all existing features, optimizing them for performance, new technologies, user behaviour, and market trends. We are pleased to announce our latest general enhancements:
- Quick Links: As part of our ongoing commitment to usability optimization, Global IQX introduced a clean Quick Links section in the toolbar for commonly used features, saving users time and effort.
- User Preferences: The IQX team recently added a new user preferences component, allowing users to adjust their theme, picture, links, and more.
Quoting and Rating Engine
The most powerful rating engine on the market just got better.
- Integrated Rating Editor: The IQX team introduced a new, web-based integrated rating editor, offering more flexibility than ever before.
- Performance Improvements: The IQX team implemented efficiencies to speed up table indexing for quicker boot-up times (great for groups of all sizes).
- More Filtering Options: The latest release includes more filtering options, such as dropdown menu items that can be filtered by situs state or other criteria. This provides our diverse set of clients the flexibility they need to do their jobs.
Powerful Mobile Experience
To help insurers get the best experience out of IQX at the right time and on the right device, our team has committed to continuous improvement across devices. Our latest release includes a redesign of the user interface and layout for better mobile support.
Additional ongoing mobile optimization is planned for the near future.
Global IQX is North America’s leading AI-driven group insurance procurement technology platform for new business and renewal underwriting. With several more AI and machine learning initiatives already in development for the rest of 2020, Global IQX will continue to advance our automation and predictive analytics capabilities to align insurers with rapidly evolving customer expectations.
To learn how these new features will bring value to your insurance organization, request a demo of IQX today.