Company: Global IQX
Business Category: A technology provider of InsurTech tools to insurance practitioners
Maturity Status: Mature (more than 3 years since product went into production)
Product or Service: IQX Sales and Underwriting Workbench
Area: Life & Health insurance
Global IQX provides a cloud-based, automated suite of digital components that help insurance companies sell more employee benefits in less time.
The IQX platform supports true group and experience rating for all group and voluntary products sold in North America. It is trusted by some of the largest life and health insurers in the world to quote, enrol, and renew employee benefits. The solution is designed to eliminate manual touchpoints and redundant data-entry with workflows, integrations, and artificial intelligence capabilities.
With the fastest rating engine in the market, IQX Workbench enables carriers to straight-through process quotes of any level of complexity, real-time or batch. Carriers can add new clients and create quotes using current or past rates for group benefits, from individual voluntary plans up to and beyond 100,000 lives for dozens of employee classes and business divisions with multiple products.
What makes us an InsurTech:
To successfully grow their employee benefits business, insurers must be capable of rapidly processing benefits quotes and generating accurate rates, all while following strict underwriting guidelines and business rules. Many insurers, however, are bogged down with redundant data entry and manual processes across various, disparate systems that don’t integrate well and can only be managed by IT.
Global IQX’s core mission is to streamline the employee benefits workflow through our automated sales and underwriting solution. This enables our clients to write more business, optimize resources, and reduce costs.
The IQX Workbench helps insurers reduce quote turnaround time and enables data to flow freely between functions. With IQX Quoting & Rating, carriers can import and clean census data, pull experience history from external systems, then generate accurate rates for any group size and number of benefits products. For one IQX client, producing a typical quote for 300 lives with a menu of voluntary benefits used to take four hours. Now the job takes just 20 minutes, a 92% decrease. With IQX Quick Quote, generating a competitive employee benefits quote takes only five clicks.
Global IQX was a finalist in the category “Best Service Provider – Insurtech” at the Insurance Business Canada Awards 2021.
Major features & technology used:
Global IQX’s cloud-based platform leverages rule-based robotic process automation (RPA) to eliminate touchpoints during new business and renewals cycles for employee benefits.
Global IQX also uses predictive analytics and machine learning to help users gain new insights and automate decision-making across the IQX Workbench. Global IQX has several AI projects in development that involve various branches of AI, including natural language processing (NLP). Global IQX also uses its AI Engine to calculate lead scores and suggest alternative plan designs based on several data points specific to each carrier.
Global IQX also includes a robust API and a number of pre-configured integrations to external systems (e.g., CRM, claims, PAS, billing). IQX Workbench can pull experience history from various claims and policy administration systems to generate accurate rates. Within the IQX Enrollment Suite, benefits plan members can integrate their health tracking devices (e.g., Fitbit) to receive discounted premiums.
News & Updates
See the latest Global IQX news.
About Global IQX
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. Global IQX serves some of the world’s largest insurance companies as clients. For more information, visit www.globaliqx.com.
Source: Global IQX Inc.
→ back to the InsurTech Spotlight index