Earnix’s acquisition to help the InsurTech bolster its UBI/BBI solution

Insurance software company Earnix acquired AI telematics provider Driveway Software’s assets to scale up its Usage-Based Insurance (UBI) and Behavior-Based Insurance (BBI) solutions.

Driveway’s assets, including a telematics app, will help Earnix in advancing its existing offering in UBI and BBI.

With the acquisition, Earnix, which provides advanced rating, pricing, and product personalization solutions for insurers and banks, will now enable insurers to leverage intelligent telematics for risk modelling, pricing and rating to enhance the customer experience by identifying and delivering the right personalized UBI and BBI offers in real-time.

The new offering will empower auto insurers to manage the entire lifecycle for personalized telematics-based UBI/BBI through a mobile-centric engagement more efficiently. Earnix’s UBI/BBI offering now boasts of a full set of embedded capabilities necessary for carriers to anticipate and proactively address the needs of the changing market – data accuracy, driving risk models, driver engagement – resulting in a faster time-to-market for new offers, more accurate pricing through a deeper understanding of consumer behaviour and risk as well as the ability to rapidly create and deploy contextualized and personalized offers.