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Earnix Optimizer 5.5 Enables End-to-End Price Management for Insurance and Banking Products
New capabilities accelerate time-to-market of new prices with streamlined pricing management from analysis and decision to testing and field deployment
London, UK, and New York, NY, July 12, 2011 – Earnix, a leading provider of customer value optimization solutions for insurers and banks, announced the release of Earnix Optimizer version 5.5.
Used by leading financial services companies worldwide, Earnix Optimizer provides an integrated platform that enables insurers, insurance brokers, and banks to maximize the value of customer relationships by utilizing robust analytics and delivering the power of optimization to the point of customer interaction.
The latest release of Earnix Optimizer includes new pricing management capabilities that significantly shorten cycle times for new price rollouts, providing control and automation of all the steps involved from analysis and decision to testing and deployment to the production systems.
According to a recent survey of European insurers conducted by Earnix, the lag time from a decision on new price strategy to the availability of new prices in the field is currently measured in months for most companies, and longer than three months for as many as a third of the companies surveyed (see survey results).
Using the new Price Execution module in Earnix Optimizer, all stakeholders involved in the pricing decision and approval can closely collaborate to streamline and accelerate the rollout of new prices, with minimal dependence on IT resources. To enable more users across the organization to utilize the system in a secured fashion, the new version boosts security and governance, providing greater granularity of access control at the product, project, and modeling levels.
Some of the key capabilities offered by the new Price Execution module include:
- Centralized management and control over all pricing versions across the analytical, testing, and production environments, as well as the transition of pricing versions from one environment to the other
- Automated testing and verification of new pricing strategies according to user-defined criteria
- Automated activation of new prices based on user-defined approval rules and authorities
- Automated real-time notifications that keep all stakeholders informed when new prices are tested and rolled out to the field
- A complete audit trail of all price testing and deployment of new prices to the field
In addition to the new pricing management capabilities, the new version includes numerous enhancements to existing Earnix Optimizer modules that enable end-to-end price optimization, from risk modeling to demand analysis and customer lifetime value optimization.
Earnix Optimizer 5.5 is available immediately to existing and new customers from Earnix offices worldwide.