I looked around to see if I could point to your to the respective manual section, or the tutorial for the .mi export animation rendering, but could not find any.
:Whistling:The manual is featuring very outdated interface screenshot, which has changed several times since they have released that help section.
Also for the first time probably I looked into the Reallusion Start up menu to see if I can find StandAlone Renderer... too bad all stuff is outdated, there is nothing useful there either.
Latest iClone and CC are in different folders, searching for Iray brings up nothing.
So anyway, I'll try to briefly explain.
.mi export routine is generating a scene cache for each frame (mesh, textures, camera, lights,... etc). That is what that folders structure you have shown on a screenshot is for.
And then, when you fire up a StandAlone Render, it produces and image sequence, which you have to assemble in NLE editor.
You have to start Stand Alone Renderer and specify .mi scene export folder and image sequence output:
76% of original size (was 665x19) - Click to enlarge
Or, you can create a shortcut on the Desktop to StandAlone Renderer and then drag and drop a scene export folder onto that shortcut to fire up Iray render.