Global IQX Launches New AI-Powered Tools for Group Insurers
AI-driven recommendation engine and census scrubber unveiled
Ottawa, ON (Aug. 21, 2020) – Global IQX, the leading provider of AI-driven solutions for group insurance providers, has launched two new AI-powered products, including the most advanced recommendation and predictive analytics engine in the group insurance industry.
Global IQX’s latest advancements in artificial intelligence 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 top 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.
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. 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.
“It’s very exciting,” says Junaedur Rahman, artificial intelligence expert, and development lead for the initiative, “there’s nothing else like it in the group insurance industry.”
The other new component within IQX’s suite of digital products is the AI-powered Census Scrubber. The rules-based Census Scrubber auto-corrects missing or erroneous values during census import using enhanced smart link scrubbing capabilities. Census data is logically assessed for incorrect information and corrected automatically. This tool allows insurers to produce more accurate quotes in less time.
With several more AI and machine learning initiatives already in development for the rest of 2020, Global IQX continues to advance their automation and predictive analytics capabilities to align insurers with rapidly evolving client expectations.
About Global IQX
Global IQX is North America’s leading AI-driven group insurance procurement technology platform for new business and renewal underwriting. Global IQX offers a suite of business-configurable modules and microservices that digitize, streamline, and automate the new business and renewal processes for the true group, experience rating for all group, and voluntary products. Some of the world’s largest insurance companies (including U.S. Fortune 500) continue to benefit from the scalability, security, and configurability of our platform, the IQX Workbench. For more information, visit www.globaliqx.com.
Source: Global IQX
Tags: Artificial Intelligence (AI), launch, Predictive Analytics
Read the original article at Insurance-Canada.ca