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Earnix Announces Product Manager Workbench™ for US Insurance Market
Simple-to-use solution empowers US insurance product and state managers to analyze the impact of rating decisions, streamline collaboration with R&D, and accelerate the ratemaking process
New York, NY, April 3, 2012 — Earnix, a leading provider of Integrated Customer and Pricing Analytics solutions for insurance and banking, announced the Earnix Product Manager Workbench™ module.
Earnix Product Manager Workbench enables product and state managers in US insurance companies to incorporate price elasticity models into the pricing decision process. With simple-to-use predictive analytics functionality, users at any level can foresee the impact of future rate changes on key performance indicators (KPIs) such as new business conversion rate, retention, written premium, loss ratio , and any other KPI defined by the insurer.
Powerful what-if capabilities and direct manipulation of the rate order or rating factors make it easy for Product Managers to evaluate different pricing scenarios and fully understand their effect on critical business outcomes prior to rolling out new rates. Displacement reports can be generated for a particular segment or the entire book, presenting clear visual analysis of proposed rate modifications.
Providing an enterprise-wide platform that can be accessed across the organization, Earnix Product Manager Workbench allows all stakeholders in the pricing decision to collaborate using a unified set of models and data sets, while providing each of the users with unique views that best fit their needs and level of detail.
“The Product Manager Workbench enables Product Managers to estimate the outcome of a proposed rate change in a much more sophisticated manner than ever before.” said Meryl Golden, General Manager of North America Operations for Earnix. “The ability to produce a refined estimate of KPIs for each scenario improves Product Manager decision-making and leads to better financial results.”
“Insurance rating and pricing are an area where even the smallest improvements can have a significant impact on profitability,” said Deb Smallwood, Founder of Strategy Meets Action, a strategic advisory firm for the insurance industry. “Insurers that are seeking a new advantage in today’s competitive market should be evaluating solutions that provide common platform and set of tools that are used by all those involved in the rate-setting process. This type of solution creates an optimized and efficient process for rate-making.”
The Product Manager Workbench is part of the Earnix suite of Integrated Customer Analytics™ solutions, used by leading insurance companies and banks worldwide to elevate customer value, profitability, and growth. Organizations deploying the Product Manager Workbench will enjoy an easy upgrade path to more advanced Earnix solutions.
Earnix is a leading supplier of Integrated Customer Analytics™ solutions for the financial services industries. The Earnix solution suite combines risk and demand predictive analytics with real-time connectivity to operational systems, enabling the alignment of pricing and products with changing market dynamics. Earnix solutions are used by leading insurance companies and banks worldwide to elevate customer value, profitability, and growth by producing faster optimized decisions that best fit customer demand and outsmart the competition. More information is available at www.earnix.com.