Solution to improve renewal operational efficiencies and distribution loyalty
Ottawa, Ontario, February 7, 2006 – Global IQX, a specialist in component-based sales and service solutions for group benefits carriers announces the availability of IQX Renewal. The solution streamlines the process of renewing Group business by linking with legacy systems to apply rules and ratios for renewal. It provides Group insurance carriers with an “Out-of-the-Box” renewal rating solution that can be used to initiate the renewal process prior to a renewal date based on case-specific lead time. Integrated with the IQX Platform and other IQX products it provides a full complement of underwriting tools from new business rating and tracking to in-force renewal rate re-calculation, reporting and tracking. Through interfaces with IQX products (Quoting and Rating, Business Rules Engine, Import/Export, Reports and Channel Management) duplication of functionality is eliminated.
IQX Renewal automatically draws on information available in a carrier’s administration system to re-calculate rates at each policy anniversary (renewal month). It captures required business data for rate recalculation including claims history, employee census and reserves (IBNR, DLR, LWP). Business rules determine the workflow, based on authority levels, and channel the renewal via messaging to the appropriate department (sales or underwriting) for processing. All necessary renewal material is provided through IQX Renewal (reports, summary comparisons, etc.) so that the renewal package is complete when it reaches Sales for distribution to the broker, producer and/or client. IQX Renewal can also be used to calculate rates for alternate plan designs on in-force business both on and off renewal.
Reduces time spent by producers and carriers during the renewal process by linking with existing data.
Leverages existing census and experience data to rapidly produce an accurate renewal.
“Client retention, speed and efficiency are vital contributors to business success in the group benefits market,” according to Todd Eyler, Research Vice President with Gartner. “By automating the renewal process, insurers not only reduce costs but also increase the satisfaction levels of distributors and employers and make it less likely that they’ll switch to a different provider.”
“Group insurance is a highly competitive business in which speed and efficiency are vital contributors to success,” says Michael de Waal, President and CEO, Global IQX. “Renewal business is highly transaction-driven and represents an area that will benefit greatly from the streamlining of administrative functions.”
About Global IQX, Inc.
Global IQX, www.globaliqx.com, established in 1999, specializes in configurable, component-based sales and services automation solutions that streamline and optimize business processes for North American group benefits insurance organizations. Offered as a complete suite or individually, these solutions automate rating, underwriting, renewal and enrollment supporting all lines and market segments. Global IQX production proven solutions increase operational efficiency and reduce cost while promoting improved communication and interaction within and across departments. Developed and delivered by a team with group insurance depth and experience, these solutions give business users more control, with less dependence on IT resources. Clients include many of North America’s largest insurance companies.Tags: Global IQX