How “Blue Sky Thinking and Planning” Redefines Insurance Pricing and Rating Strategies

Earnix provides mission-critical, cloud-based intelligent solutions across underwriting, pricing, rating, and product personalization. The company was recognized by the 2023 Luminaries panel for its innovative approach to pricing strategies for insurers.

Backed by robust data science, analytical modeling, and AI capabilities, Price-It from Earnix provides dynamic pricing approaches. Clear visibility into overall performance, ensures carriers generate impactful offers that meet changing customer demands.

Here is our conversation with David Howland, CMO at Earnix, on the achievements and lessons learned from earning this recognition.

What efforts were recognized by the Luminaries panel?

Earnix helps insurers leverage data to make more informed decisions and keep up with fast-changing customer expectations. To achieve this, Earnix employs a continuous innovation cycle to ensure its flagship product, Price-It, aligns with and anticipates the needs of the market. This approach to innovation breaks down many of the silos that exist between teams and data sets to allow for automated straight-through processing within a single solution in delivering compelling offers.

“Price-It customers have reported reducing rate creation from months to days, providing better alignment with evolving customer and market trends. Powerful re-rating capabilities further enables carriers to rapidly present updated offers to the market, proactively ensuring ongoing alignment between performance and business objectives,” says Howland.

How did your company support your efforts?

“We like to say we’re blue-sky thinkers and detailed planners,” says Howland. He explains that the team works to spot transformation on the horizon and then chart the best next steps to get ahead of those changes.

Proactively working directly with market participants is critical for the company. The Earnix team continuously connects with its customers and partners to gain the insights necessary to anticipate future needs and opportunities.

“Earnix has been a significant player in the insurance industry for over 20 years. This deep expertise coupled with an open analytics approach are the cornerstones of Price-It.  With dynamic pricing backed by robust data-science, analytical modeling, and AI capabilities, Earnix empowers carriers to not only implement new strategies that accelerate performance, but also monitor results and measure success via modeling and other tools,” says Howland.

What tips can you share with those interested in implementing similar programs?

“Embrace technology and leverage dynamic, agile solutions so you can evolve with your customers’ changing demands in real time,” recommends Howland. He also notes that change is an opportunity to grow and thrive, so don’t shy away from it. Look for the opportunity within it. View change as a continual process rather than an episodic one.

“Always be moving forward,” says Howland. “Ideate and innovate, then be prepared to work with your teams and partners with a focus on building and delivering intelligently. Solutions should be transparent, explainable, and easy to use.”

For more insights from Earnix, visit earnix.com