Complementary Solutions
Majesco Global IQX Intelligence
AI to Personalize New Business and Renewals
New business and renewal periods challenge benefits sales & underwriting teams to meet customer demands. Artificial intelligence can optimize the processes, maximize profitability and increase customer satisfaction.
Artificial Intelligence to Drive Innovation
AI-powered tools put carriers at the forefront of innovation, securing new opportunities and gaining a competitive edge. Majesco Global IQX Intelligence brings these opportunities to reality.
Meet Revenue Goals and Customer Expectation
The AI Recommendation Engine meets enterprise information security requirements while producing accurate benchmarks and opportunities for carriers to meet revenue goals. Built using a range of AI and Machine Learning techniques, the Recommendation Engine can securely process data from several sources to generate recommendations in seconds that can optimize team resources, suggest alternative plan designs, and process RFPs faster.
Majesco Global IQX Components
AI Census Scrubber
The AI Census Scrubber is used to correct and supplement census data obtained during quoting. Analysis of large quantities of census data lets the census scrubber learn to intelligently make decisions regarding missing and incorrect data. This component is an AI add-on to Majesco’s Global IQX Workbench’s Smart Census Link feature.
A key benefit is that it makes data available in a variety of formats and languages. The AI Census Scrubber offers reusable auto-mapping of data elements and data values, allowing files from any format or content to be imported as-is. A multi-tab census import feature simplifies information gathering for users.
New Plan Design Recommender
The New Plan Design Recommender leverages predictive analytics to recommend optimal employee benefits plans designs. Built using our proprietary AI Recommendation Engine, the New Plan Design Recommender uses predictive analytics to decrease the time to assemble a quote, increase revenues, and drive customer success by recommending an alternate plan design that will be most successful based on various data points (such as location, SIC code, and group size) and past success data for the carrier. A key benefit of the New Plan Design Recommender is that it recommends an alternate plan design based on various data points and success history, therefore, providing a valuable benchmark for brokers and sales personnel to better understand their business. The machine learning algorithms behind the Majesco Global IQX Recommendation Engine use historical success data specific to each carrier. This means the New Plan Design Recommender continues to learn and adapt over time, offering precise and unique recommendations to each carrier.
Workload Recommender
Increase underwriting team productivity and optimize resources with artificial intelligence utilizing the Workload Recommender. During high-load periods, like renewal periods, the high volume of quotes requiring underwriter review can slow down processes due to an inefficient allocation of human resources. This is where the Workload Recommender can help underwriting managers, by suggesting the most effective distribution of quotes among the underwriting team members, taking into consideration each underwriter’s previous experience and capacity to finalize a quoting case. This component is an AI add-on to Majesco Global IQX Workbench’s Workflow functionality.
The key benefit is in addition to recommending the optimal distribution of quotes across your underwriting team(s), the Workload Recommender can also triage RFPs that have the highest chance to close based on past closed ratios for similar businesses. This ensures your underwriting team is always focused on the quotes that have the greatest potential to drive revenue.
“We choose to work with Global IQX because they have a very solid and compelling technology platform with a proven track record of deploying sales and underwriting systems in the group benefits industry. The Global IQX system will enhance our quoting process, giving us the ability to quote all Fort Dearborn Life products under one system. It will also provide improved reporting capabilities, allowing us to better analyze business metrics.”
Len Servedio, Vice President of Information Systems, Dearborn Group
Featured ResourCes
Blog
Artificial Intelligence in Insurance
Understanding the current and future role of artificial intelligence in insurance is essential. The recent push towards AI and predictive analytics has transformed every stage of the insurance customer lifecycle. From machine learning to better predict and mitigate risk to conversational AI for personalized customer service, insurance companies are rapidly deploying AI solutions across their…
Blog
Getting Personal: How artificial intelligence and personalization are reshaping insurance
As the insurance industry continues to embrace insurtech, use of artificial intelligence will no longer be a novelty, but the norm. Insurers will have higher expectations for customized experiences and a higher degree of personalization. Looking toward the next decade, insurers and brokers will have to consider how to use blockchain and artificial intelligence as…
FAQ
With AI utilizing the Workload Recommender, recommendations can be generated automatically. Carriers can train machine-learning models to assist underwriting managers in suggesting the most effective distribution of quotes across the underwriting team. Also, it can be used to prioritize quotes with the highest chance of closing based on past successes.
The theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
It allows customers to find information quickly and resolve any complex policy or claim-related issue faster by reducing agent or sales rep interaction and leads to enhancing the future of customer experience.
