SOURCE: Global IQX

Global IQX

April 03, 2014 15:58 ET

Global IQX Releases Version 4.6 of Employee Benefits Software

Underwriting Workbench Speeds Complex Group Underwriting and Product Development, Offers Enhanced Capabilities for Both Group and Individual Carriers

OTTAWA, ON and ROANOKE, VA--(Marketwired - Apr 3, 2014) - Global IQX Inc. today introduced Global IQX Software Platform Version 4.6, incorporating many enhancements to its industry-leading IQX Underwriting Workbench for employee benefits, individual and worksite products. Version 4.6 is a scalable, enterprise solution that is highly configurable and permission-based.

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 is the only system providing on a single platform 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," said 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 Because many companies still quote and rate from multiple, outdated platforms, quoting backlogs negatively impact the relationship with their selling partners," said Mike de Waal, CEO of Global IQX, the leading provider of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.

More information about Global IQX's Software Platform is available at http://www.globaliqx.com.

About Global IQX, Inc.
Global IQX, www.globaliqx.com, established in 1999, is the leading North American provider of configurable, component-based sales, service and product development automation software for the group employee benefits and individual life and health insurance industry. It serves some of the world's largest insurance companies and many smaller companies.

Global IQX's 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. Based in Ottawa, Global IQX has a US office in Roanoke, Va. Twitter: @globaliqx.

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