(Image source: Earnix.)
Earnix (London), a global provider of cloud-based intelligent solutions across pricing, rating, underwriting, product personalization and telematics solutions for insurance and banking, has announced Underwrite-It, a new, purpose-built underwriting solution in the Earnix Intelligent Insurance Operations suite that the vendor says brings the full power of analytics to underwriting. Underwrite-It is designed to empower business users to create and manage rules and decision logic, leading to better underwriting decisions, according to the vendor.
Yaron Lavie, VP, Product, Earnix.
Earnix explains the value of Underwrite-It by saying that traditional underwriting solutions lack the modern analytical, simulation and agility tools needed to maximize the value of underwriting decisions. “This leads to missed opportunities and higher risk,” the vendor’s statement on the application’s introduction says. “For example, staff underwriters often create and manage thousands of underwriting rules leading to difficult and slow processes that can take months to implement and modify as IT departments code, manage, and update rules. Smarter underwriting decisions are made with Underwrite-It because it combines the standard rules-based approach of underwriting with advanced machine learning and simulation.”
Underwrite-It fully automates underwriting decisions, achieving straight-through-processing, empowering staff underwriters to stay focused on managing underwriting rules and forecasting the KPI impacts of underwriting actions, the vendor says. Earnix asserts that the solution also offers greater business agility as it manages all rules in one place to create a single source of truth, enabling underwriters to update rules and models without burdening IT.
“It is crucial that staff underwriters are able to break away from legacy approaches that are common in underwriting today,” comments Yaron Lavie, VP, product, Earnix. “Unlike other solutions, Underwrite-It is built for agility and business user success. With the full power of analytics, it allows underwriters to have a fast and direct impact on rules and make fast and well-informed decisions.”
Underwrite-It is integrated with the Earnix suite, connecting underwriting and pricing in one coordinated process, breaking down silos, and sharing intelligence across solutions. Using the solutions together creates collaboration opportunities that result in better overall decisions, improved business results, and underwriting and pricing teams working in unison to achieve shared business goals, according to the vendor.