As insurers navigate a rapidly changing macro environment and evolving customer expectations, the need to reimagine insurance has become more urgent than ever. One area that requires particular attention is underwriting, which is often less visible to customers than other functions in the insurance value chain. However, upgrading underwriting can have a significant impact on capturing new business and driving profitability.

This Whitepaper takes a deep dive into how digitization, competition, and customer expectations are disrupting the vehicle finance industry. It examines how technology is changing the way vehicle finance companies need to sell, price, underwrite, retain, and cross-sell to create a more modern, digital-first vehicle finance business.

In today’s hyper-competitive automotive lending market, consumers have a wide variety of vehicle choices, shopping venues, and financing options. Alternative deal structures (ADS) have become a must-have way for lenders to keep potential borrowers from walking away, whether those consumers are buying in person or online.

This playbook describes the challenges caused by existing, “status quo” pricing models while also highlighting how a new analytics-driven approach to risk-based pricing using machine learning can help auto lenders achieve their most critical goals.

Earnix recently partnered with the Market Strategy Group LLC to conduct a research survey to understand where insurance companies stand in their effort to modernize their operations. We surveyed nearly 300 insurance executives to uncover their perspective on various modernization strategies. View the report here to see how you compare. 

Insurance carriers today must become more flexible and agile to keep pace in a rapidly changing world. In this brochure, we discuss the main challenges that insurers are facing in their pricing and rating operations and the answer for implementing pricing and rating strategies at the speed of the market.