Earnix Solutions for Auto Insurance Policy Personalization

Improve Policy Conversions and Profitability, Reduce Operational Cost and Risk, and Grow Your Auto Book of Business with the Earnix Product Suite

Determine the Ideal Policy Packages to Offer Customers — Meeting Both Customer and Business Objectives.

The increase in pricing transparency, due to the ease of quoting via digital channels, aggregators, and other comparative rating vendors, requires companies to be able to price and personalize auto policies more accurately and be able to adjust their prices more frequently. In order to attract and retain the best auto insurance customers in this highly competitive market, you must set policy packages – including premiums and coverages - that meet both customer and business needs. Predictive and prescriptive analytics help insurers assess the underlying loss cost and market dynamics to price and personalize policies for each risk class or customer while managing to internal business objectives.

The Earnix Solution for Auto Insurance

Earnix provides insight into the most significant customer, market, and competitive attributes that underlie and impact your auto insurance portfolio. This allows auto insurers to create products and prices that achieve desired levels of growth and profit while enabling an efficient and effective rate setting process.

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Solution Highlights

Model Risk, Conversion and Retention

Understanding risk variables – such as age and driving behaviors – combined with market factors – such as competitive position – is crucial to determining policy package composition. Earnix enables you to have a holistic view of your portfolio, combining predictive models across various dimensions, to provide confidence that your selected rating strategy and coverage selection offered will achieve your desired business goals.

Big Data Versus the Right Data

Earnix provides an analytical framework that allows insurers to filter through large data volumes , including telematics data, to provide a robust approach to setting pricing and product strategies. Leveraging risk, conversion and retention models, among others, along with what-if scenario testing allows insurers to understand volume to earnings tradeoffs needed to grow market share, premiums, profit margins, and customer lifetime value.

Optimize your Market Position with Machine Learning

Understanding the competitive environment is the key to growing your book of business. Machine learning allows you to create more accurate models and forecasts in a comprehensive structure to predict competitive position — so that you know which customers and segments to pursue.

A Complete Rating Engine for Auto Insurers

Earnix Price-it gives auto insurers the ability to quickly and efficiently define, deploy, and update rates without the need for ongoing IT support. Earnix’s full rating engine capabilities allow for rates to be pushed quickly and efficiently to the market - and in real time if needed. These capabilities shortcuts the wait for your company’s legacy core system replacement, giving you the benefits of deployment agility now.

Earnix in Action

Collaborate to Succeed

Unlike desktop-based tools, Earnix provides a multi-user enterprise solution that empowers collaboration within each team across the organization. This enables managers at all levels to oversee the work of team members and establish consistent, transparent pricing processes.

Easy Deployment

Earnix is enterprise-grade software that can be deployed in the cloud or on premise, providing flexible options to meet immediate and future needs. Using the Earnix cloud option, you can instantly make the solution available across your organization and establish a unified analytical process.

Industry Professionals

Earnix Professional Services supports insurance customers at every stage of the implementation and deployment process. Our world-class industry experts are available to guide users to extract the maximum value from the platform. Our financial services experience ensures that we understand the data and analytical processes that translate to growth.

Our Experts at your Service

Earnix Professional Services supports auto insurance customers at every stage of the implementation and deployment process. Our industry experts are available to instruct users on leveraging all the benefits of the platform. The Earnix support model is designed to provide as much or as little assistance as required. At the end of the process, you will have the analytical tools and know-how to make data-driven, optimized decisions.

Improving Results — What Customers Say

“Our use of Earnix for Insurance resulted in a profit improvement by 2.8% of Gross Written Premium while simultaneously maintaining customer volume and complying with strict regulatory conditions.”
— German Motor Vehicle Insurer

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