The enhanced consumer rate breakdown creates a new standard for transparency in the insurance industry
Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks, announced a newly enhanced capability that enables insurers to provide comprehensive rate breakdowns to consumers instantaneously. Integrated within Earnix’s end-to-end Rating Engine, this capability allows insurers to quickly and easily provide the consumer with personalized prices and insight into how these were determined in alignment with their needs. This enhancement increases transparency, strengthens consumer trust, and ensures full governance and compliance without sacrificing the speed of rate and product bundle delivery.
“Before today, insurers had to manually construct price breakdowns for consumers, a process that is resource-intensive, time-consuming, and prone to errors. Now, insurance companies can produce a rate breakdown instantaneously providing consumers an understanding of how their rate was determined. This feature is a win-win for insurers and consumers alike”
“With Earnix’s solution, consumers no longer have to question the price they pay for insurance. We created this capability to enhance the consumer experience and make it easier for insurers to provide transparent, highly relevant offerings. At Earnix, we are continuously developing new ways to instill confidence in the insurer’s ability to provide consumers with the right product, at the right price, at the right time,” said Udi Ziv, CEO at Earnix.
“Before today, insurers had to manually construct price breakdowns for consumers, a process that is resource-intensive, time-consuming, and prone to errors. Now, insurance companies can produce a rate breakdown instantaneously providing consumers an understanding of how their rate was determined. This feature is a win-win for insurers and consumers alike,” said Yaron Lavie, Vice President of Products at Earnix.
Earnix’s robust Rating Engine offers smarter analytics, combining artificial intelligence, machine learning and traditional analytics, in a single fully automated delivery system. By leveraging these capabilities, consumers are better equipped to evaluate both the insurance rate and product they are receiving in a fully agile and transparent manner. This exemplifies Earnix’s continued efforts to push the limits of how state-of-the-art analytics can be used to advance the insurance industry to the benefit of the consumer. This not only saves insurance companies time and resources while enhancing the consumer experience, but it also sets a new industry standard for consumer expectations that is here to stay.
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