Related: Life Insurance Rating Engine & Administration Systems
Real-World Impact of Real-Time Digital Insurance Solutions
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 Digital 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.
Why Now Is the Time for Digital Insurance Solutions
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.
