In the News > Earnix unveils underwriting solution, Underwrite-It

Earnix unveils underwriting solution, Underwrite-It

Earnix Team

September 21, 2022

Unlike other areas of insurance like claims or pricing, underwriting remains largely underserved by insurance technology. Underwriters create thousands of rules that IT departments then need to code and manage. The slow, tedious process makes it manually difficult to implement quick changes.

To address this challenge, Earnix has expanded its suite of intelligent insurance operations with a new underwriting solution, which it unveiled at its Excelerate 2022 conference in London.

“Underwrite-It” fully automates underwriting decisions and manages all rules in one place, enabling underwriters to update rules and models without burdening IT. Combining the standard rules-based approach of underwriting with advanced machine learning and simulation, the solution aims to improve time-to-market on underwriting changes.

With the new underwriting solution, Earnix said insurers can bridge the gap between underwriting and pricing. “Underwrite-It” allows users to share loss cost and demand models with pricing and rating teams using Earnix’s pricing solution, “Price-It,” for seamless integration.

What makes Earnix’s solution different from other underwriting tools is that it helps insurers build rules rather than just managing the process. “All the underwriting tools in the market focus on the underwriting workbench. We are providing a tool to manage the rules and models for underwriters,” Dror Pockard, chief strategy officer at Earnix, told Insurance Business.

“Underwrite-It” was unveiled as part of Earnix’s broader innovation strategy. At Excelerate 2022, Yaron Lavie, Earnix's VP of product, highlighted the firm’s push to enable more business agility through machine-learning solutions and faster integration through a partnership with property & casualty (P&C) insurance platform Guidewire. The partnership will allow two-way, real-time quotes and product updates between Earnix and Guidewire using no-code, cloud-to-cloud integration.

Earnix is also improving its telematics offering. “Drive-It” will integrate with “Price-It” so that behavioural data collected from the telematics app seamlessly flows into the pricing solution for modelling, risk pricing, and rating.

Lavie cited a volatile and dynamic market, rapid AI and machine learning adoption growth, and a new generation of talent in the insurance industry as top factors driving Earnix’s innovation.

“The changing environment requires us to be much more agile in running our business. This agility is relevant to both the people in the analytical space and decision makers that need to act on those changes,” he said.

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Earnix Team