Earnix Blog > Pricing

Introducing Multi-Rule Execution and Flexible Rule Mapping

Jimmy White and Luba Orlovsky, Earnix

May 7, 2024

  • Pricing
Data Codes through Eyeglasses

Enabling Insurance Consumer Self-Service for Enhanced Flexibility, Transparency, and Efficiency

If there’s such a thing as “too much of a good thing,” it can be the plethora of rates that insurers can make available to customers and prospects.

For almost any situation and any pricing exercise, carriers can offer up a vast array of attractive options to capture new business, to cross-sell and upsell, and propose renewals and policy revisions. Over time, there can be thousands of rules that have been built and deployed.

Problems arise when there are too many possibilities for rating and pricing. If quoting is done manually, an agent has to sift through myriad possibilities, often in real time, to ensure that the customer is getting the most beneficial policy and price.

If the customer has an existing policy, and would like to make changes (adding a new driver to an auto policy, or adding a new coverage to their homeowner’s insurance, for example) existing rates must be compared with new ones, with the possibility that a mix is the right answer.

Customers expect to be able to perform what they might view as a simple task, to tweak their insurance policies without the headache of unexpected premium adjustments.

At the same time, carriers need the assurance that what they’re offering up is fully governed and within the bounds of their regulatory regimes.

Internet Quoting Adds Further Complexity

The situation becomes more complex when customers and prospects engage with the insurer through a website or customer portal, with the expectation of a smooth and seamless transaction. With no human to intervene and interpret the options, the carrier needs to present the options in a clear and precise manner and to close the business efficiently.

Multi-Rule Execution to the Rescue

These opportunities can be seized with a new capability, Multi-Rule Execution.

In our quest to give insurers more flexibility, increase the transparency of their interactions with customers, and deliver new efficiencies and profitability, we’ve introduced a new capability, Multi-Rule Execution, also known as flexible rule mapping.

A Use Case: Adding Vehicles to a Commercial Auto Policy

Let's say you're a carrier with a customer who wants to add new vehicles to their fleet policy. But, they also want to know the total premium with the original vehicles rated on the original rate plan. This is where Earnix's rule mapping feature comes into play.

With rule mapping, you can easily map the rules from the original rate plan(s) to the new one, allowing you to calculate the total premium accurately and at the proper risk level, and give that information to the customer online, in real time, without human intervention.

This feature not only saves time in quoting, but also ensures that you provide your customers with the most accurate and transparent pricing. They will know exactly what the premium is for each vehicle on their policy, and you’ll know that the quote is provided in a fully-governed way.

Significant and Immediate Benefits

Here's what this groundbreaking feature brings to the table:

  1. Flexibility: No more feeling “boxed in” by rigid policy structures enforced by inflexible rating engines. With rule mapping, you have the freedom to customize consumer transactions exactly the way you want, without any limitations.

  2. Transparency: Insurance pricing can sometimes feel like a maze to consumers and difficult to follow even for skilled internal analysts, underwriters, and product managers. With all pricing logic neatly consolidated in one spot, you can rest easy knowing your policies are spot-on accurate, with zero room for error.

  3. Efficiency: As they say, “time is money.” Flexible rule mapping saves both. By skipping the need to send multiple calls to the Earnix Enterprise Rating Engine for a complex policy transaction, you can support policy adjustments in real time, with one Rating Engine call, leaving you with more time to focus on what truly matters - adding value.

Time to Get on Board

Several Earnix customers are already employing Multi-Rule Execution in their day-to-day operations, with one innovative carrier using flexible rule mapping to support their complex capping needs.

This new capability is available to all users of Earnix Price-ItTM Enterprise with the 2024 Winter Release (Version 12.2). Put it to use today!

Arrange a demo of flexible rule mapping today, and bring your transaction flexibility to new heights.

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Jimmy White and Luba Orlovsky, Earnix