Earnix for Insurance: Enterprise governance and control of pricing and product bundling

Leading insurers worldwide rely on Earnix to improve pricing and personalization programs, deploy rate changes rapidly, institute governance and control processes, and ultimately improve financial performance.

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A Track Record of Excellence

Earnix has been providing analytically based pricing and personalization solutions and services to the world’s most sophisticated insurance companies for nearly two decades. Our consultants are specialists with a deep understanding of the global insurance industry - as well as the drivers that are specific to our client’s businesses. We have been enabling insurers of all sizes to leverage advanced analytics to produce significant, positive results – improving time to market, systemization of pricing, better product configurations, and volumes and margins over time.

The Best in Customer Behavior Analysis for the Insurance Industry

Earnix helps insurers understand customer behavior at a level formerly unattainable by the insurance industry. Insurers can now make personalized pricing and product bundling decisions while understanding the impact on business growth and retention – and execute those decisions swiftly--even in real time - across any line of business, including:

Immediate Impact on Business Results

Earnix provides a comprehensive product suite with analytical pricing, real-time personalization, and process automation capabilities to support the leading Insurers and Insurtechs of today. Earnix Insurance customers repeatedly report substantial results from day one, including a significant improvement in the speed to market of pricing and product changes.

Using the Earnix for Insurance solution delivered more than 1% premium growth at the same profit across the portfolio and a 15% increase in quote conversions while maintaining a steady profit.

– Large US Insurance Company
Using the Earnix for Insurance solution, profit improved by over 3% of gross written premium while maintaining retention levels - all within the first year of use.

– Large Direct Broker
Using the Earnix for Insurance solution, profit improved by over 3.5% of gross written premium; retention increased as well. The Earnix for Insurance solution achieved over 90% accuracy in predicting the influence of price changes. The solution integrated seamlessly into the overall pricing process for renewals and new business.

- Leading Personal Lines Insurer
Using the Earnix for Insurance solution led to an increase in net profitability of +1.6% of gross written premium and a 0.3% market share increase.

– Large European Insurance Company
Using the Earnix for Insurance solution resulted in a profit improvement of 2.8% of gross written premium while simultaneously complying with strict regulatory conditions.

- German Motor Vehicle Insurer
Using the Earnix for Insurance solution, a profit impact of over £5M was achieved with no change in retention.

– Leading European Bancassurer

Earnix in Action

Pricing and
Product Analytics

Utilize advanced analytical techniques to product packages with customer centric pricing that meets your growth and profit objectives.

Product Personalization

Using advanced analytics, you’ll be able to refine customer segmentation and customize personalized packages offered to your customers

Risk
Modeling

Leverage analytical models to understand the drivers of frequency and severity.

Cross-Product
Customer Analysis

Understand the lifetime value of each customer across all product lines or lines of business.

Solution Highlights

Built for Immediate ROI

Earnix provides integrated statistical modelling tools, and automated processes to support pricing and other business decisions that will quickly – and significantly – improve financial metrics. Customers repeatedly report to Earnix that they see substantial results from the very start.

End-to-End Software

Earnix streamlines the entire pricing process, accelerating time-to-market and allowing insurers to be highly responsive to changing market conditions.

Real Time Rating Engine

Earnix delivers quotes directly to the point of customer interaction - in real-time – with the use of classical techniques or with newer technologies like machine learning. This empowers insurers and intermediaries to stay one step ahead of the competition in the rapidly expanding online insurance marketplace.

Governance and Control

The Earnix suite enables enterprise governance and control of the pricing and product bundling process. When creating personalized product bundles and pricing structures, the necessary approvals, administrative rights, and audit logs are instituted in order to satisfy both internal and external controls while meeting all governance requirements.

The Earnix Suite for Insurance

The Earnix Suite for Insurance offers the most comprehensive and integrated insurance-focused analytics tools, combining data management, visual modeling, simulation and dynamic pricing as well as deployment and monitoring into a single platform. Gone are the days of stitching together multiple niche and legacy solutions.

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Our Experts at Your Service

We have been providing solutions and services to the world’s most sophisticated companies for nearly two decades. Our consulting teams are experts in the operational aspects of the insurance industry.

We work with you to develop analytical programs that enable your organization to predict and prescribe the best decisions around risk, retention, margin, volume, and price. At the end of the process, you will be self-sufficient and have the analytical tools and know-how to make data-driven optimized decisions.

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Our Experts at Your Service

Earnix consulting teams are comprised of analytics experts and data scientists with deep domain experience in financial services. Our trusted advisors work closely with clients to define and develop models tailored to their specific needs.

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Improve Results Using Customer Insights

“Earnix Insurance improved profits by over 3.5% of premium while achieving slightly higher retention levels than the incumbent strategy.”
- Leading Personal Lines Insurer

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Integrated Machine Learning™ Technology

Improve your analytics, speed-to-market and results with Earnix Integrated Machine Learning technology

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