Auto insurers will now be able to operationalize usage and behavioral data to respond to changing consumer demand with agility and precision
Earnix, a global provider of advanced 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. 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,” said Udi Ziv, CEO at Earnix.
“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. 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,” said Dror Pockard, Head of Insurance for North America.
Earnix’s robust capabilities, combining state-of-the-art artificial intelligence and machine learning with traditional analytics, enable 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. Earnix’s 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.
