Real-Time Insurance Solutions: Instantly Unlock New Market Opportunities
9. August 2022
Speed to market is a top priority for virtually every insurance company today, and for good reason. In order to compete – both against traditional vendors as well as aggressive new market entrants – insurers need to do all they can to quickly meet customers’ expectations with precisely the right offer. If they can’t, customers are likely to partner with other insurers who can.
It’s especially important in times like this where rising inflation makes consumers even more price-conscious and requires insurers to make sure rating and pricing models are as effective as possible in meeting customers’ new expectations. As more and more vendors clamor to win new business, insurers need to do all they can to price the most compelling offer and get it to market faster than the competition.
Speed to market is also an extremely effective way to achieve many of insurers’ most critical business goals. For example, providing fast product offers and services is a proven way to attract consumers, win new business, and retain a larger segment of more profitable customers.
The element of speed also represents a changing mindset in the industry. In the recent past, this concept may have seemed to be revolutionary or even futuristic. In reality, the ability to quickly present customers with much more compelling offers is now true table stakes – a must-have for any insurer to gain a valuable head start over competitors who may still be a step behind.
Real-Time Insurance Solutions: The Foundation for Faster Time to Market
Yet how to capitalize on this vision – how to truly accelerate speed to market – isn’t always clear. Many obstacles may stand in an insurer’s pursuit of this goal, especially outdated technology, siloed processes, inefficient internal workflows, and data-related limitations.
Today, solutions from market innovators such as Earnix are delivering disruptive new technologies that are proven in their ability to revolutionize legacy processes, deliver highly personalized, highly engaging customer experiences, and accelerate insurers’ speed to market with better products and services.
All of this enables any insurer to gather, analyze, and act on real consumer risk and market performance – all in real time.
Real-Time Insurance Solutions Deliver Real-World Results
To best understand the value and results real-time insurance solutions can provide, let’s examine how one Earnix customer achieved several significant benefits.
Earnix recently partnered with an innovative new insurance start-up that delivers insurance for Uber and Lyft drivers in the UK, the Netherlands, and the United States.
This company approached Earnix for a better rating and pricing software solution that could accelerate vital internal processes, improve quoting to win new business, and help support its aggressive growth model.
This start-up immediately saw the value in Earnix's dynamic, composable, and intelligent solutions especially in how they could use it to run their “what-if” simulations. Then, once the Earnix solution was live, the start-up quickly started using it to improve key processes in many different parts of the business.
Earnix gave them exactly the solution they needed. Now, if they need to change rates, they can do it significantly faster using the Earnix solution. Internal teams can also run many different simulations to see exactly what will happen if they change something in the rating model and how it will affect the rating, the price, market demand and other variables.
The start-up has also enjoyed lightning-fast response times and low latency. This has helped the company produce new rates and prices in near real time, a technological advantage that accelerated its speed to market time to essentially zero. This has enabled the start up to develop much more targeted insurance offerings and deploy them extremely quickly to stay a step ahead of the competition.
What Do Real-Time Solutions Look Like?
Insurance tech solutions are now capable of providing all the functionality any insurer would require. This includes rating and pricing engines, product personalization capabilities, fully operationalized telematics technology, robust governance, and autonomous monitoring.
Even better, these solutions use cutting-edge technology – machine learning and AI, powerful automation, advanced data analytics, and more – all for innovative, personalized, and engaging experiences.
Today’s most-effective insurance tech solutions are capable of accelerating their time to market with the following capabilities:
Powerful automation: Automate and streamline every step in your entire pricing process to develop faster, more successful pricing, rating, and product-personalization strategies based on real-time market feedback.
Advanced data analytics: Build or import any model using first- or third-party data to analyze and leverage data that impact risk, conversion, loyalty, growth, and profitability.
Real-time deployment: Instantly deploy your new pricing and personalization strategies, and deliver real-time responses required for today’s digital channels.
Dynamic pricing models: Take advantage of big data modeling, sophisticated analytics, and AI-driven insights to streamline internal pricing processes and offer the right price, to the right consumer, at precisely the right time.
Product personalization: Seamlessly develop and deploy personalized product offers and strategies that drive business growth, increase profits, improve customer acquisition and retention.
Autonomous monitoring: Gain the real-time visibility you need to monitor the performance of pricing strategies against business objectives.
Governance and compliance: Take advantage of complete logging, recordkeeping, and other controls to streamline your compliance burden.
All of these technologies and capabilities can help insurers quickly align pricing and product strategies to the real risk of their customers and stay a step ahead of the competition.
Download the eBook now to discover more about Real-time solutions and why now is the time to act to devise the right approach and implement the right technology to streamline internal processes and accelerate your time to market. To learn more about Earnix, including how we can help you take advantage of real-time solutions and increase your speed to market, visit earnix.com.