(Image credit: Thomas Wolter.)
Earnix (Tel Aviv), a global provider of rating, pricing, and product personalization solutions for insurers and banks, announced the launch of its usage-based insurance (UBI) and behavior-based insurance (BBI) offering. Through Earnix, insurers will now be able to enhance the customer experience by identifying and delivering the right personalized UBI and BBI offers that address customers’ changing needs in real-time.
“The pandemic has accelerated the surge in consumer demand for personalization in insurance, and specifically, for UBI and BBI,” comments Udi Ziv, CEO, Earnix. “This phenomenon will forever change how people and businesses consume insurance and will require all carriers to personalize in real-time the products and prices they offer.”
Insurers need a solution that can effectively operationalize data and leverage it to identify the right offer while continuing to monitor and respond with agility, observes Dror Pockard, Head of Insurance for North America, Earnix. “Having the flexibility to implement personalized UBI and BBI products will enable insurers to better compete in fast-changing markets. Earnix’s product offering empowers insurers to rapidly develop and launch any type of UBI and BBI product, accurately price it based on driving usage and behavioral data and operationalize it in production.”
Combining AI and ML with Traditional Analytics
Earnix describes its capabilities as combining state-of-the-art artificial intelligence and machine learning with traditional analytics and enabling insurers to manage and analyze the data and create highly personalized offers. With the system’s automation capabilities, an insurer can achieve real-time deployment of UBI and BBI offers, re-assess consumer risk, and demand and adjust product offerings accordingly, all while ensuring governance and compliance over the entire process, the vendor says. Earnix says its solution components have been pre-configured for rapid integration within an insurer’s existing tech infrastructure, further accelerating time-to-value in providing new offerings in the marketplace.
“Combined in a single end-to-end systematized solution, Earnix’s smarter business velocity offering enhances an insurer’s ability to provide the right product at the right price and at the right time, thereby substantially benefitting their most important asset—the customer,” a vendor statement says.