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New Version of Earnix Optimizer Delivers Enhanced Customer Value Optimization Capabilities to Insurance Underwriters and Brokers
Earnix Optimizer 4.5 enables tighter integration of risk, demand, and regulatory variables to help insurers optimize pricing and maximize customer value
New York, NY and London, England (PRWEB) March 24, 2008 – Earnix, a leading provider of customer value optimization solutions for insurance and banking, announced the release and general availability of Earnix Optimizer 4.5 for Insurance.
Used by leading financial services companies worldwide, Earnix Optimizer provides an integrated platform that enables insurers to maximize the value of customer relationships by utilizing robust market analytics and delivering the power of optimization to the point of customer interaction.
With this release, Earnix is for the first time introducing two separate products for the insurance market: Earnix Optimizer for Insurance Underwriters and Earnix Optimizer for Insurance Brokers.
The new release brings numerous significant enhancements to both products, including new advanced analytical capabilities, expanded optimization options, and tighter integration with corporate systems and processes.
Highlights of the new release include:
- Risk premium pricing: this new module provides insurers with advanced risk premium modeling and risk-based pricing capabilities. Supporting both risk and demand-based pricing, Earnix Optimizer enables the consolidation of the entire pricing process in a single platform.
- Automated risk and demand modeling: product managers and pricing professionals can now utilize Earnix Optimizer’s new Splines and Generalized Additive Modeling (GAM) capabilities to quickly and easily generate highly accurate statistical models for risk premiums, renewal and new business demand, and other behavioral models.
- Regulatory-compliant factor-based pricing optimization: factor-based pricing is used by insurers in tightly regulated markets to determine prices for different customer segments based on rating formulas incorporating pre-approved variables such as age, location, and driving record. Earnix Optimizer can now directly manipulate the factors used in these pricing formulas to achieve a higher degree of optimization. Using these capabilities will enable insurers that operate in highly regulated markets such as the United States, Canada, and some countries in Europe to increase customer value while streamlining the pricing process and maintaining regulatory guidelines.
- Geographical modeling: advanced location-based modeling enables insurers to fine-tune risk and demand models by incorporating highly granular geographic variables such as postal codes. Spatial smoothing capabilities improve modeling accuracy and the ability to optimize pricing and maximize customer value.
- Enhanced real-time integration capabilities: Earnix enables insurers to embed the power of optimization into the business tools used throughout the organizations, facilitating cross-departmental collaboration and corporate-wide best practices to make the most out of every customer touch.
Earnix Optimizer 4.5 includes many other new and improved features. “This release is based on input and requirements of many of the leading financial services companies that Earnix has been working with worldwide,” said David Schapiro, Earnix’s Chief Executive Officer. “It is an important step forward in enabling these organizations to implement integrated customer value optimization processes utilizing a platform that incorporates analytics, optimization, and execution capabilities.”
To find out more about Earnix Optimizer for Insurance, please contact your local Earnix office or visit www.earnix.com.
Earnix is a leading provider of customer value optimization solutions for insurers and banks. Earnix solutions are used by leading financial services companies worldwide to optimize customer relationships and drive significant improvements in profitability. The company is led by a team of seasoned professionals with significant financial services background combined with expertise in optimization technology and enterprise software development. Earnix is privately held and funded by prominent venture capital firms. For more about Earnix please visit www.earnix.com.
For More Information:
Tel: +44-207-8126633 (UK), +1-646-756-2840 (US)