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Global IQX - Stand Alone Rating Engine for Group and Voluntary Benefits

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Overview

About Global IQX's Stand Alone Rating Engine for Group and Voluntary Benefits

Purpose built for the group insurance and voluntary business, Global IQX stand-alone solution is a production-proven, best-of-breed sales and underwriting workbench that is agnostic to various policy admin, billing, and claims vendors. The multilingual solution provides configurable components for quoting, rating, proposals, enrollment and automated renewals for all benefit products and group sizes that streamlines and automates the new business and renewal cycle.

Global IQX leverages powerful AI, rule, content, and rating engines to enable clean census transformation, offer alternate quotes and renewals, dynamic proposal creation, reduce quote turnaround time, and reduce costs. It includes some of the world's largest insurance companies as clients.

Global IQX Sales & Underwriting Workbench

Global IQX is a dominant provider of AI-driven employee benefits sales and underwriting solutions, helping insurers write more business in less time.

Global IQX offers a suite of business-configurable modules and microservices that digitize, streamline, and automate new business and renewal processes for group and voluntary benefits. The IQX Sales & Underwriting Workbench streamlines quoting for all benefits products sold in North America and experience rate small groups up to 100,000+ lives with dozens of divisions and classes. Global IQX serves some of the world’s largest insurance companies as clients.

Global IQX provides cloud-based components that cover the entire new business and renewal cycle for employee benefits. From data intake to quoting and rating, proposal and document generation, enrollment, and automated renewals.

Rule, content and rating engines enable seamless data exchange through all participants improving efficiency across the organization using rule and AI-based workflows and recommendations.

The IQX Intelligence Suite consists of AI-powered predictive analytics and business intelligence tools that automate census data scrubbing, recommend optimal plan designs for each group, and optimal workload distribution across underwriting teams.

Quoting & Rating · Onboarding & Enrollment · Proposal & Document Generation · Automated Underwriting & Renewal · Workflow · Broker Portals · Employee Self-service

Key Features

IQX Sales and Underwriting Workbench

Quoting and Rating
Proposal
Renewal
Workflow
Import/Export
Analytics
Smart Census Link

IQX Intelligence Suite

AI Census Scrubber
New Plan Design Recommender (Predictive Analytics)
Workload Recommender (Predictive Analytics)

IQX Productivity Suite

Automated Renewal
Quick Quote & Express Quote
Broker Portal
Block of Business

IQX Enrollment Suite

Onboarding
Employee Self-service Portal
Individual Medical Underwriting
Policy Document Creator

Actuarial Tools

Modeling
Rating Editor
Rate Manager
Formula Manager

IQX Configuration

Channel Workflow Manager
Business Rules Manager
Rate Manager
Formula Manager
Proposal Manager
Document Manager

Features

The key features of IQX Workbench are:

  • Scalable rating engine for all group products and group sizes.
  • Integrated sales and underwriting workbench
  • Configurable quoting and rating
  • Proposal and policy document generation and management
  • Enrollment includes voluntary benefits selection portal for employees
  • Automated underwriting and renewals
  • Actuarial tools like Modeling, Formula Manager, and Rating Editor
  • AI engine helps carriers clean and correct census data and make intelligent decisions about benchmarking plan design, workload distribution, and benefits recommendations.
  • Automated workflow and quote assignment.
  • The Rating Engine, Business Rules Engine, Content Engine, and AI Engine support complex processes across various components.

IQX Integration Tools

API
IQX Exchanger (pre-configured integrations with CRM, PAS, Claims, billing, and other systems)
Web Service Gate
Microservices

Key Benefits

  • Reduce quote turnaround time by eliminating manual processes and redundant data entry.
    • One major insurer was able to increase proposal capacity by 600% after implementing Global IQX.
  • Powerful rating engine can support experience rating for all benefits products and group sizes, generating quotes in seconds.
  • Supports tight integrations with external systems like policy admin, claims, billing, CRM, etc.
  • Cloud-based, scalable platform.
  • All components are configurable by business users using Configuration Modules – no need to rely on IT or Global IQX.
  • Maintain institutional knowledge in the system with built-in configurable rules, rates and formulas.
  • Generate quick quotes in five clicks or less based on preset plan packages via a frictionless interface, shortening sales cycles.
  • Analytics: All actions in the IQX system can be reported on, enabling strong analytics capabilities. Dashboards present quote status, workflow progression, and sales-close ratios for quick viewing.
  • Upsell and cross-sell additional voluntary benefits during enrollment.
  • Ongoing investment in AI and predictive analytics capabilities.

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Product/Service details

SOLUTION OR SERVICE TYPE
Insurance Stand-alone Rating Systems
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