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Global IQX Releases Latest Employee Benefits Software

Staff Writer | April 08, 2014

Global IQX introduced version 4.6 of its software platform, incorporating many enhancements to its IQX Underwriting Workbench for employee benefits, individual, and worksite products.

Enhancements let users produce quotes of significant complexity—such as multiple benefit definitions, and high numbers of calc groups, classes, divisions, and lives—in less than a minute. Global IQX provides the technical sophistication required by group carriers plus the flexibility and reliability demanded by individual carriers.

“Increasing market agility and driving down costs are high on the list for most group carriers,” says Craig Weber, CEO of research and advisory firm Celent. “Tools like this, aimed at facilitating complex underwriting scenarios and enhancing administrative capabilities, are of immense promise and important to remaining competitive.”

 "Benefits insurers today use an increasingly complex blend of algorithms and formulas. Because many companies still quote and rate from multiple, outdated platforms, quoting backlogs negatively impact the relationship with their selling partners,” says Mike de Waal, CEO of Global IQX, the leading provider of employee benefits software. "Version 4.6 handles complexity easily and helps clear backlogs.”

Enhancements include:

  • Product Builder:  A configuration feature allows new products to be defined though a GUI within a single .xml file that can be carried forward from the initial needs assessment and requirements-gathering processes, from business analysis to development. The insurer can compile a library categorized by product family and use this library to assemble products quickly, easily and consistently.
  • Formula Editor:  The enhanced Formula Manager allows users to design and write formulae in an integrated development environment with features that support consistency and accuracy. Features include syntax highlighting, error highlighting, auto-completion, and other advanced tools.
  • Global Import Management:  The enhanced Product Manager provides a multi-facing, generic import interface that can be used across the application.   It can upload rate, census, experience history, employee census, and other key data.

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