Complementary Solutions

Majesco Global IQX Sales & Underwriting Workbench

Quote, Rate, and Renew Made Simple

Insurance organizations process countless terabytes of data across thousands of individual transactions daily. With straight-through processing, insurance companies can design snappy, “always-on” digital customer experiences while reducing paper processes, manual rekeying of data, and human intervention. By streamlining underwriting, STP can help insurers win and retain more business. With Majesco Global IQX Sales & Underwriting Workbench, processing is made easier and faster for customers to obtain coverage and helps agents write more business by streamlining the application review process, quoting, and rating.

The power to rate any product, for any group size

The Sales and Underwriting Workbench enables Straight-Through Processing (STP), and configurability to create persona-based experiences for agents, underwriters, and customers.

Trusted by over two dozen leading North American carriers every day to drive their employee benefits business. It leverages powerful rule, content, and rating engines to enable dynamic proposal creation, reduce quote turnaround time, and reduce costs.

Decrease Quote Times 70-90%

Insurers transform their sales & underwriting lifecycle with Majesco Global IQX solutions, helping them write more business in less time. We have seen our client carriers transform their sales & underwriting lifecycle with Majesco Global IQX solutions, helping them write more business in less time.

  • At a medium-sized Canadian insurer, producing a typical quote for 300 lives with a menu of voluntary benefits used to take four hours. Now the same job takes just 20 minutes. That is a 92% decrease.
  • A large U.S. insurer cut quote processing times by 70% to 80%.

Majesco Global IQX Components

Majesco Global IQX Component

Optional components to further transform the employee benefits business.

Majesco Global IQX Intelligence

Extend the capabilities of IQX components with artificial intelligence, predictive analytics, and machine learning.

Majesco Global IQX Productivity

Empower external users with productivity tools tied to an underwriting workbench.

Quoting & Rating

The fastest rating engine in the market, Majesco Global IQX rating enables quoting of multiple products with census data for groups of any size, real-time or batch. As premium sales and underwriting tool, Majesco Global IQX Quoting and Rating takes you through the new business sales cycle with consistency and ease.

Add new clients by creating 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. Template plan designs simplify benefit definition and multi-tab census import for history and experience rating that transforms the quoting process. Underwriting and actuarial tools include automation of rating worksheets that can also allow re-quoting of past prospects.

Proposal

Powered by the Majesco Global IQX Content Engine, the Proposal component supports new business and underwriting with dynamic quote proposals, illustrations, forms, renewal letters and more.

Capable of generating files in common formats such as PDF, Excel and HTML, quote results become fully marketable proposals in just minutes. The Proposal component also has the ability for a business user to change the template instance whenever documents are required “on the fly.”

Renewal

Seamlessly process employee benefits renewals with the Majesco Global IQX workbench by identifying upcoming renewals, prepare renewal quotes based on current plan design and census information, assess risks, and prepare renewal letters for customers – or forward the renewal for further underwriting should the renewal be flagged. Optional API provides lead, health, and risk scores.

Majesco’s Global IQX Component can be optionally installed to extend renewal capabilities and reduce carrier intervention.

Smart Census Link

Leveraging reliable census data with rules-based auto mapping is essential for employee benefits carriers to produce successful rates. Majesco Global IQX Smart Census can import Excel and .csv files in different formats and languages. It offers automated mapping of data elements and values for imports in any file format. A rules-based census scrubber autocorrects missing or erroneous values during census import using enhanced smart link scrubbing capabilities.

Majesco Global IQX Smart Census Link delivers reliable data and accurate rates every time. Census data is logically assessed for incorrect information and fixed on the spot. Accurate rates are calculated seamlessly without manual intervention or guesswork. For more advanced functionality, the Majesco Global IQX AI Census Scrubber uses artificial intelligence to analyze large quantities of census data and learn to intelligently make decisions regarding missing and incorrect data.

Workflow

Employee benefits quotes pass through several people and departments (sometimes more than once) before the policy is sold. Streamlining these processes in a user-friendly way is a top priority for group & voluntary benefits carriers.

With Majesco Global IQX Workbench’s workflow functionality, user’s login to “My Quotes,” a dashboard where the quotes created, and quotes assigned are queued. Intelligent menu options pre-populate data for instant access based on user roles for quotes, rates, enrollment, renewals, and documents. Task designation and email notifications streamline the decision-making process for optimized efficiency.

Majesco Global IQX Workflow is supported by a multilevel, role-based application that allows a hierarchy of users to obtain instant access to, and a 360° view of all sales and service activity within its respective channels. It includes a secure HTML interface with view, verification, edit and print functionality.

Analytics

Measuring sales & underwriting team productivity and gaining actionable insights is essential for employee benefits providers to remain competitive. Majesco Global IQX Analytics is a valuable query tool that provides you with insight into new business activity with at-a-glance progress reports and dashboards that present quote status, workflow progression and sales-close ratios for quick view.

The Majesco Global IQX Interface allows users to craft and manage report definition queries, frequently used reports, and report templates from any activity in the Majesco Global IQX Workbench. Often, the most difficult set of metrics to inspect are those measuring activity, but with Majesco Global IQX Analytics users easily define their query, generate the reports, and analyze results.

Import / Export

Many legacy systems require carriers to repeatedly enter client information across different applications, slowing down processes.
Majesco Global IQX Import/Export is designed to facilitate and accelerate the exchange of data into and out of the Majesco Global IQX components and configuration modules to avoid repeat data entry. IQX Import allows information to be imported directly from a variety of sources and file layouts. IQX Import/Export is also used for uploading past rates, premiums and claims experience for new business quoting and renewal.

FAQ

What is Straight-through processing?

Straight-through processing (STP) describes the ability of financial services systems to process electronic transactions without manual intervention.

What is predictive modeling?

Predictive modelling uses a carrier’s historical data with machine learning to create predictions about future events and behaviors. It can help carriers reduce quote turnaround time by identifying areas that could benefit from less human intervention and more automation.

What is an Underwriting Workbench?

Majesco Global IQX workbench is a single interface that sits on top of one or more existing systems. It can be thought of as a “single pane of glass” or a user experience platform (UxP) for underwriters and experts delivering underwriting processes and propositions to clients.

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