| |
|
|
Earnix Optimizer for Insurance
Setting the optimal price for each customer and product is a daunting task. Set the rate too high and you will sacrifice market share. Set it too low and you will “leave money on the table. ” Understanding how price changes impact your bottom line is one of the biggest business issues facing today’s insurance companies.
Earnix Optimizer empowers you to apply an analytical, customer-centric approach to ratemaking decisions. Earnix Optimizer helps you uncover hidden profit and growth opportunities while complying with regulatory constraints.
|
|
|
 |
Customer Segmentation
The first step to optimization is to better understand your customers.
Earnix Optimizer Data Management Module makes it simple to tap into customer, policy, and premium data that already exist in your organization. If your data are incomplete or need to be fine-tuned, Earnix Optimizer provides a robust set of tools for managing your data and preparing it for further analysis.
Next, Earnix Optimizer modeling tools allow you to segment your target market and understand which customers are most profitable.
You can analyze customer data and competitor pricing based on an unlimited set of real-life parameters; for example historical buying patterns, last year’s pricing, customer demographics, geography, risk costing, and many others. |
|
|
 |
Demand Prediction
Using Earnix Optimizer’s demand modeling, you can discover how different customers would react to each price point for various product offers. You can even model the impact of competitors’ actions.
Earnix Optimizer allows you to define and analyze any demand variable, such as cancellation rates and purchase intentions for related products and optional coverage.
|
|
|
 |
Price Optimization
Earnix Optimizer uses sophisticated mathematical methods to determine the best price for each product and market segment, based on your business goals.
Running interactive “what if” scenarios is simple. You enter business goals and constraints directly into Earnix Optimizer. For example: “Maximize profit while preserving an 85% renewal rate.” And when your goals change, you can easily change them, on the fly. There is no need for programming skills.
Using the Earnix Optimizer Forecasting Module, you will be able to tell how changing your price will impact demand for your product. This will empower you to make more informed decisions, with greater confidence for success.
The Earnix Optimizer Monitoring Module helps you detect the impact of changing market conditions and therefore empowers you to react faster to such changes. Just enter the new market conditions and the Optimizer will recommend appropriate responses.
|
| |
|
Enterprise Collaboration
Earnix Optimizer provides access for multiple users and departments within your organization, thus insuring that everybody in the organization “is in sync.” For example, since sales, marketing, pricing, and financial analysts all have access to the same information, Earnix Optimizer ensures that everybody in your organization is on the same page.
Built on IBM’s WebSphere and DB2 database, Earnix Optimizer is scalable and secure to meet your enterprise requirements. |
|
|
