Market Pricing

UNDERSTAND CUSTOMER BEHAVIOR AND STAY AHEAD OF THE COMPETITION

While risk pricing lays the foundations to your ratemaking strategy, no pricing decisions can be made in a vacuum. Leading insurers worldwide are using the Earnix software to enhance business performance by harnessing customer data and incorporating data-driven market analytics into their pricing strategies.

Make Better Pricing Decisions

  • Set your pricing strategies to meet your business goals (increase retention, market share, gross written premium, profit margins, or any combination of these objectives) while maintaining compliance with business constraints and regulatory requirements
  • Analyze customer behavior to better understand the effect of your pricing decisions on retention and customer lifetime value
  • Simulate changes to market conditions, risk characteristics, and competitor prices to predict the impact on your business and preempt the competition
  • Monitor and adjust your rates based on real results from the field so you are never out of touch with the market

Maximize Market Performance within Your Regulatory Environment

Earnix provides decision makers with the tools to define pricing strategies that harness customer data to maximize business results while maintaining regulatory compliance.

Rating Factor Optimization

In markets where regulations require prices to follow a Rating Factor structure, Earnix allows insurers to optimize prices offered to customers while maintaining regulatory compliance. Earnix Insurance  Factor Optimizer directly optimizes Rating Factors, providing your team with new factors that can be uploaded into your existing table structure.

 

Earnix-diagrams-4-earnix-insurance (Custom)

Individual Price Optimization

Where allowed by regulations, Earnix enables insurers to customize rates down to “a segment of one,” offering each customer the best possible product and price combination to meet customer demand while optimizing company goals for retention and profitability. Individualized rate quotes can be provided in real-time over the web, through the call center, or delivered to an agent.

Put the Power of Customer Analytics at the Fingertips of Every Business User

Earnix puts your actuaries and pricing managers in control of the parameters that drive pricing goals and strategies, eliminating long-term reliance on external resources. Earnix also features a simple user interface that keeps the complexity under the hood, while providing business users across the organization with unparalleled access to the power of predictive analytics.

Keep Track of the Market

Earnix allows you to analyze customer acceptance or rejection of rate quotes and utilize this feedback data to adjust your pricing to market dynamics.