Earnix Solutions for Auto Insurance Price Optimization

Grow Your Auto Book of Business, Improve Profitability, and Reduce Expense with Advanced Analytics

Determine the Optimal Products and Prices to Offer Customers — Meeting Both Customer and Business Objectives.

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

The Earnix Solution for Auto Insurance

Earnix provides insight into the customer, market, and competitive attributes that underlie 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 premiums. 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 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 to provide a robust approach to setting pricing 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.

Tune into Telematics

Analyze customer driving activity to refine rating - blending driving history along with other traditional rating elements to set the best pricing strategy.

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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