(Image credit: DEZALB.)
Global IQX (Ottawa), a provider of AI-driven solutions for group insurance providers, has launched two new artificial intelligence-powered products, including the what the vendor characterizes as the most advanced recommendation and predictive analytics engine in the group insurance industry.
Global IQX reports that its latest offerings include a new AI-powered Recommendation Engine and an AI Census Scrubber, components within the IQX Workbench, an end-to-end platform currently used by 25 group insurers across North America.
IQX’s 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, the company asserts.
“Launching a Recommendation Engine as complex as IQX’s is a bold undertaking in the insurance industry, where data is highly sensitive and not publicly available,” a Global IQX statement says. “Advanced artificial intelligence and machine-learning algorithms were used to overcome this barrier, allowing Global IQX’s clients to benefit from actionable insights without sharing their data.”
“There’s nothing else like it in the group insurance industry,” comments Junaedur Rahman, artificial intelligence expert and development lead for the initiative.
The rules-based Census Scrubber auto-corrects missing or erroneous values during census import using enhanced smart link scrubbing capabilities, according to the vendor. Census data is logically assessed for incorrect information and corrected automatically. “This tool allows insurers to produce more accurate quotes in less time,” the Global IQX statement says.