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How Modern, Comprehensive Pricing & Rating Solutions Are Reimagining Insurance
Today the insurance industry faces a significant challenge associated with legacy pricing and rating tools. Many architectures still rely on a high number of disparate, disconnected systems that require too much effort to maintain and other clunky workarounds.
5 Solutions to Overcome Legacy Challenges
When attempting to increase speed to market, insurers typically face a wide array of challenges, such as outdated technology, siloed systems, manual processes, a lack of ownership and collaboration, and real data limitations. This video explores 5 challenges and solutions that address the impact of legacy insurance technologies.
Delivering Personalized Customer Experiences with Earnix
Why should Insurers consider personalization strategies and tactics? Can’t they continue to price and deliver products and services in the same way they always have? The simple answer is that Personalization has the potential to deliver superior results. For example, early personalization programs have already shown they can increase total…
Case Study
Pricing Automation Helps LINK4 Boost Speed and Business Success
“We were looking for a much more modern pricing and rating platform. Our past approach used an on-premise mainframe-based system that simply wasn’t as reactive as we needed. It took too long to create new pricing models, make changes, and respond to real-time opportunities in the market.”
Empowering Relationship Managers in their Digital Journeys
Throughout its history, banking has relied heavily on personal relationships to achieve many of its business goals. Relationship managers (RMs) have served as the “face” of the bank in providing sound business advice, acquiring new customers, and uncovering new sources of revenue within existing accounts. The most powerful combination for…
Dynamic Product Actualization
The insurance industry was built on managing risk, but today’s increasing pace of change in the marketplace requires product and pricing agility. Flexibility will allow insurers to respond to increases in claims costs, prototype new usage-based products, and prepare for new products on the horizon. Achieving this in a way…
Case Study
BavariaDirekt Achieves Faster, Smarter, More Personalized Insurance with Earnix
BavariaDirekt were spending too much time and effort managing the many steps required to update pricing models and deploy them in online channels. That’s why they opted for Earnix’s modern, end-to-end pricing platform to help them overcome such challenges.
Contextual Multi-Armed Bandits Meets Causal Inferencing
The Multi-Armed Bandits problem is a classic reinforcement learning problem that demonstrates the exploration–exploitation tradeoff dilemma. To correctly estimate the causal effect of price changes or different financial product bundle offers on consumers’ purchasing decisions, the standard methodology is to perform a randomized controlled trial (RCT). However, RCTs could be…
Your Roadmap to Accelerating Digital Transformation
Traditional banking is well behind other consumer-facing sectors such as Retail, Healthcare Payers, and Telecom, and those sectors are setting consumer expectations that banks must meet to be successful. Driven by their experiences elsewhere, banking customers have come to expect offers crafted just for them, delivered whenever is convenient for…