The Earnix Blog: Resources for Insurance and Banking Leaders

The use of synthetic data has expanded greatly the options in the world of analytics and data science, and has found traction in many corners of the insurance industry. It has yet to find wide usage in specialty markets. In these markets, failure to take full advantage of synthetic data runs the risk of suboptimal decisions and the resulting negative impacts to profitability.

Insurers are turning to artificial intelligence (AI) for better data management, risk assessment, and personalized underwriting, promising increased efficiency, speed, and profitability. Earnix Underwrite-It™ is a key piece of AI auto insurance that can accelerate the transition.

Model Accelerator gives insurance analytics teams newfound freedom to choose whatever tools they prefer for modeling, incorporating virtually any model from other frameworks and formats, including transformations.

When combined with Earnix Price-It^TM and Earnix Underwrite-It^TM, teams can leverage their past investments in models, including those currently in simulation and production, adding to their agility and flexibility, and reducing the time required to react to market changes, including competitive actions.

Multi-Rule Execution, a recent enhancement to the Earnix solution set, is poised to allow carriers to dramatically “up their games.” Insurers can now give customers the power to change their policy provisions on their own, avoiding the headache of unexpected premium adjustments. Consumers can adjust coverages online, add new items to their policies, or alter the set of covered individuals, all in a fully-governed way, thanks to this new flexible rule mapping capability.