The Earnix Blog: Resources for Insurance and Banking Leaders

Managing general agents (MGAs) are currently grappling with outdated pricing models that lead to inefficiencies, errors, and difficulties in adapting to market changes. By leveraging advanced technology platforms such as AI and real-time data analytics, MGAs can transform their pricing strategies, enhance accuracy, and strengthen their partnerships with insurers, ultimately securing a competitive advantage in an increasingly challenging marketplace.

The Earnix Filing Accelerator is our new codeless interface that simplifies the creation of filing documentation for proposed rate changes with departments of insurance in North America and can also be used to generate rate documentation needed by any insurer across the globe for internal audits, reviews, or approvals.

Recent research shows that 74% of insurance companies still use outdated, legacy technology for pricing, rating, underwriting, and other vital insurance processes.  

This finding was reinforced in the Earnix 2024 Industry Trends report. While we asked the question slightly differently – “How urgent is the need for insurance operations modernization technology at your company?” – we heard similar feedback. The vast majority of insurers reported that this is a major challenge within their organization. 

Modern pricing and rating solutions offer a wide range of advanced features and functionality that empower insurers to optimize pricing strategies with precision. From dynamic pricing to predictive analytics, today’s solutions provide leading carriers the tools they need for turning real-time insights into a new competitive advantage.