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Overcoming Legacy Challenges
Many insurance companies today are implementing new technologies to overcome legacy pricing and rating processes and digitally transform their business. As they do, they’re seeing how innovative new insurance technology platforms can help develop and deploy new, highly targeted and personalized offers much faster. This infographic looks at 5 challenges and solutions that address the impact of legacy insurance technologies.
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Increased Cybersecurity Concerns
As insurers embrace new digital channels, avoiding ransomware, data breaches, and other cyberattacks is their top priority. Survey results from the Earnix 2023 Industry Trends report: Insurance Operations in a Changing Industry and additional statistics provide even more insights.
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Climate Change's Impact on the Insurance Industry
The insurance industry is feeling the impact of climate change, prompting insurers to reevaluate their strategies. They're wrestling with the necessity for new models that don't solely rely on historical data to anticipate and manage risks resulting from changing weather patterns.
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The Personalization Gap
According to the findings of our 2023 trends report, personalization remains a clear priority for insurance executives and leaders. However, the majority of carriers have not yet fully executed their envisioned strategies. Many identify data privacy and competitors’ offerings as the primary challenges hindering their personalization efforts.
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How Insurers Can Modernize Their Technology Infrastructure
Insurers need data-driven approaches to succeed in identifying new business opportunities, better serving customers, growing sales, and improving operations. Introducing: Intelligent InsurOps. Unlock advanced analytics for underwriting, dynamic pricing strategies, real-time rating, and fast delivery of personalized offers.
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Speed up Time to Market with a Robust End-To-End Solution
Slow speed to market caused by disconnected systems is one of the main obstacles that insurers face today. Insurers need a single, fully integrated cloud solution where underwriting, pricing, and rating fit together seamlessly. One solution for seamless ratemaking and deployment.
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Modernizing & Upgrading Insurance Underwriting
With new technology and the assistance of a reliable and knowledgeable partner, insurers can move rapidly to generate improved business results. Now is the time to move forward with modernizing and upgrading underwriting in insurance.
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Achieve Precision with Machine Learning
Earnix’s Model Accelerator overcomes software constraints by allowing Data Scientists to choose their preferred tools for modeling. Now, any machine learning model can be imported seamlessly into Earnix for underwriting, pricing and rating.
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