(Image credit: Michelle Maria.)
Global IQX, an Ottawa-based provider of cloud-based and on-premise employee benefits software, has announced the latest version of its software, incorporating artificial intelligence (AI). Enhancements to the software provide an improved user experience and help insurers eliminate input errors, speed turnaround times and focus underwriting on profitable business, according to a vendor statement.
“Artificial intelligence is part of the next wave in obtaining radical improvements in insurer efficiency, and it makes great sense to deploy AI in particular in employee benefits sales and underwriting,” comments Rob McIsaac, EVP, Research and Consulting and Practice Leader for life/annuity/benefits at research and advisory firm Novarica (Boston).
Upgrades included in Global IQX’s new release include the following as described by the vendor:
AI-powered census scrubbing. The Global IQX Platform now uses AI to correct and supplement census data obtained during quoting. Analysis of large quantities of census data lets the census scrubber learn to intelligently make decisions regarding missing and incorrect data.
Automated end-to-end group case workflow. The workflow more efficiently guides the underwriters and sales personnel through the complete quoting process. It supports all quoting processes while eliminating duplicate data entry, promoting data quality and accuracy, and providing the flexibility needed to be competitive. Compliance is ensured via business rules, roles and security, and authorization levels.
Dynamic proposal generation. The proposal module automatically generates proposals. Proposal templates are version-controlled to ensure consistent output. Authorized users can customize proposals to meet exceptions. The configuration module gives users complete control over template maintenance.
Rapid small- and large-group rating. A powerful multi-threaded rating engine provides the ability to rate large and small groups faster. The configuration module lets actuaries modify formulas, rates and rules themselves.
AI quick-quoting boosts sales. The quick-quoting system uses AI to make smart suggestions during the quoting process. By analyzing group attributes, the system creates options to maximize the attractiveness of the offer.
Lead, health, risk and wearable data scores. The Global IQX Platform integrates with external systems to acquire lead, health, risk and wearable data scores. Predictive analytics and lead scores further prioritize quotes by the likelihood of actually closing a sale. Health, risk and wearable data are used to assist in underwriting and offer prices and discounts for both group and voluntary products.
Automated renewals with the ability to renew by individual clients and block of business, batch or real time.
“Artificial intelligence is part of the next wave in obtaining radical improvements in insurer efficiency, and it makes great sense to deploy AI in particular in employee benefits sales and underwriting,” said Rob McIsaac, an executive vice president of research and consulting and practice leader for life/annuity/benefits at research and advisory firm Novarica.
“The insurance industry is just beginning to leverage the power of AI to streamline and automate business processes and retain and go after profitable business,” comments Michael J. de Waal, president, Global IQX. “We are excited to be at the forefront of digital transformation for the needs of our insurance clients. It’s an important step toward an exciting future.”