Earnix Optimizer for Insurance: Commercial Insurance
Commercial SME Insurance Analytics and Pricing
Commercial insurance requires a consideration of wide variety of issues, including advisory loss costs, internal actuarial indications, and competitive information. Earnix Optimizer provides an integrated platform that enables insurers to address all facets of commercial insurance and maximize the value of business customer relationships. The Earnix solution can be used to optimize single-coverage policies as well as bundled products such as packages that cover business owners', auto, and workers’ compensation policies.
Analyze Demand | Optimize Customer Value | Accelerate Execution | Integrate Systems & Processes
ANALYZE AND PREDICT DEMAND
Understand Market Demand: Utilize your data and other market information to analyze customer preferences and price sensitivities
Integrate Risk and Demand Models: Develop predictive models to accurately estimate underlying loss costs. Integrate demand models for individual businesses or any size market segment
Visualize and Drill Down: Enjoy 2-D and 3-D charting with interactive drilldown
capabilities for easy visualization of your strategies and their impact on customer demand
Plan for Now and the Future: Expand your planning horizon with multi-year predictive modeling that goes beyond current market situations
Stay Ahead of the Competition: Evaluate multiple scenarios of competitors’ actions and analyze their impact on market demand
OPTIMIZE PRODUCTS, PRICES, PROMOTIONS AND CHANNELS
Maximize Customer Lifetime Value: Use Earnix’s patented methodology to optimize the entire spectrum of the customer’s insurance needs, including packages that bundle multiple policies such as business owners', auto, and workers’ compensation
Address Specific Business Goals: Enter your desired business outcomes and let Earnix offer the optimal products and price points to achieve them—whether it is increasing customer retention, attracting new business, fending off competition, increasing profitability, or any combination (e.g. maximize profit while preserving an 85% renewal rate)
Evaluate Multiple Scenarios: Assess different strategies and make informed decisions with greater confidence using “what-if” scenario capabilities
Control All Business Parameters: Tune your product, pricing, channel, and marketing mix—including payment options, agent commissions, and any other variable
Adapt to Changing Needs: Don’t lock yourself into a “black box” solution; utilize business-friendly tools to make modifications on-the-fly as market conditions change
Work within Your Constraints: Incorporate operational and financial constraints and maintain regulatory compliance in your decision and rate making processes
ACCELERATE EXECUTION AND RESPONSIVENESS AT EVERY CUSTOMER TOUCH POINT
Make the Most out of Every Customer Interaction: Embed the power of optimization into the business tools used at your call center, by your agents, and on your website
Put Business Users in the Driver's Seat: Provide business users with complete control to execute pricing and strategy—alleviating the need for significant IT involvement and support
Increase Your Business Agility: pre-calculate optimal rates and load them to your system, or allow your underwriters interact directly with Earnix for real-time optimization of each business policy—accelerating your responsiveness to changing market dynamics
Monitor and Adjust over Time: Compare estimated vs. actual demand functions and adjust your models accordingly
Institute Corporate-Wide Best Practices: Remove departmental silos and standardize modeling conventions using a unified computing platform
INTEGRATE WITH EXISTING SYSTEMS AND PROCESSES
Collaborate and Share across the Organization: Share customer data and provide optimal rates and credits/debits that can be used in a consistent manner to ensure consistency and efficiency
Standardize Pricing Processes: Provide a unified framework for the entire process from risk-pricing to demand modeling and optimization—which can be applied to achieve different market objectives such as new business acquisition and improved customer retention
Rely on a Scalable Solution: Deploy a robust solution you can trust to support the scale and speed requirements of your organization
Connect with your IT Backbone : Integrate pricing and customer value optimization with your core back office and customer-facing systems using Service Oriented Architecture
|
