(Image source: Earnix promotional video.)
Majesco (Morristown, N.J.), a global provider of cloud insurance software solutions for insurance business transformation, has announced a partnership with Earnix, a global provider of advanced AI-driven rating, pricing, and product personalization solutions for insurance and banking. Through the partnership, Earnix’s platform will be integrated with Majesco Underwriter360 to introduce risk information during the pricing, rating, and underwriting process. Integration of the platforms was deployed by a joint customer to launch a new, innovative business and products for a specific market segment, according to a Majesco statement.
“This partnership with Earnix is an exciting development for both parties given the P&C industry’s growth focus on new, innovative products and reaching new market segments that demand more personalized pricing and rating,” comments Ed Ossie, Chief Operating Officer, Majesco. “With our combined focus and capabilities on speed to market, we will jointly serve and add significant value for insurers and their customers. We look forward to an exciting partnership that delivers agility, innovation and speed.”
Majesco cites customer research highlighting strong interest in leveraging new sources of data for personalized rating and pricing across different lines of business. As an example, the vendor says that over 80 percent of customers across all generational groups would use pricing based on driving behavior and number of miles driven. Even monthly rates based on whether the car is parked or driving show a strong interest over 76 percent. “These strong results highlight the growing demand for new and personalized pricing that customers expect as they consider buying new or renewing their insurance,” the Majesco statement says. “Those who are not advancing in these capabilities will likely fall well behind others who are leading the industry and capturing market share.”
“It’s clear that the insurance industry is at a crucial inflection point,” comments Dror Pockard, Chief Strategy Officer, Earnix. “Insurers must find a way to marry the strength of their deep knowledge and expertise with today’s technology to ensure they provide fully personalized dynamic offerings that customers demand. Partnerships like the one between Earnix and Majesco enable carriers to advance their speed-to-market and to quickly bridge the divide between them and customers.”