Earnix

Innovation in Personal Lines Insurance

Eran — Thu, 17 May 2012 17:54:27 +0000

A Panel of Industry Experts, Hosted by AM Best

Out of the box thinking, innovative new technologies, greater access to consumer data, and sophisticated analytical capabilities are giving some personal lines insurers a competitive edge, despite a difficult underwriting market and tight investment climate. A diverse panel of innovators and experts in personal lines will discuss the trends driving innovation, the approaches they have taken to put new techniques to work, and how insurers can leverage new capabilities to stay ahead of the competition.

Panelists for this webinar include:

Alan Bauer, former President, Progressive Direct
Meryl Golden, General Manager North America Operations, Earnix
Paul Y. Mang, Partner, Avarie Capital
Steve McKay, CEO, DriveFactor

Date: Friday, June 15, 2012
Time: 11:00 a.m. - 12:00 p.m. ET

Details and registration

Earnix Bolsters Management Team

Eran — Tue, 15 May 2012 06:00:47 +0000

New VPs of marketing and sales complete exec team to accelerate market growth and drive expanding global sales

New York, NY, May 15, 2012 – Earnix, a leading provider of Integrated Pricing and Customer Analytics™ solutions for insurance and banking, announced that Amitai Ratzon is the new vice president of sales and Aviv Cohen has been named the vice president of marketing.

“They are proven leaders, having demonstrated significant contributions to the rapid success of their previous companies,” said Earnix CEO David Schapiro. “Their contributions combined with those from the strong executive team already in place will accelerate our rapid global expansion.”

Mr. Ratzon is responsible for Earnix’ global sales. He joined Earnix from SuperDerivatives, where he served as sales director for Northern Europe and led sales of derivatives pricing, analytics and risk management solutions for banking, insurance, asset management and corporate clients.

“My new role at Earnix dovetails perfectly with my earlier experiences at SuperDerivatives,” stated Mr. Ratzon. “I am excited by Earnix’ consistent track record of growing financial institutions’ bottom line revenue by 5%-20% by virtue of superior customer analytics and pricing decisions.”

Mr. Cohen joins Earnix with over a decade of high-tech marketing experience including senior positions in product management, business development, and marketing. Most recently, he was Senior Director Product Marketing at Mellanox Technologies (NASDAQ: MLNX), following its acquisition of Voltaire. As Product Marketing Director at Voltaire, Mr. Cohen was responsible for bringing new software products to market and working closely with the sales team to grow the company’s software business.

“Earnix’ dynamic set of solutions has already provided millions in revenue for leading companies,” said Mr. Cohen. “My focus is to significantly increase our exposure in the financial services market, giving even more leading companies the opportunity to experience the Earnix difference in their bottom lines.”

About Earnix

Earnix Integrated Pricing and Customer Analytics™ software empowers financial services companies to predict customer demand and its impact on business performance, enabling the alignment of pricing and products with changing market dynamics. Earnix combines risk and demand modeling with real-time connectivity to core operational systems, bringing the power of analytic-driven decisions to every customer interaction in any regulatory environment. Leading banks and insurance companies rely on Earnix solutions to optimize the prices of deposits, loans, and policies, delivering greater value to customers and higher returns to shareholders.

Data Collection Best Practices in General Insurance

Eran — Tue, 03 Apr 2012 18:37:22 +0000

To help insurance executives and pricing professionals learn from the experience of their peers, Earnix conducted a survey to uncover best practices for policy and pricing data collection.

Download the survey results and get answers to questions such as:

What information is captured by insurers?
How current is the data captured?
How do third party intermediators impact data availability?
… and many other questions

Ability to link information about the same person across products

Survey responses were collected online from 50 executives and pricing professionals in 16 countries, representing general insurance carriers, brokers, and aggregators that offer automobile, home, and small commercial insurance.

To receive your copy of the survey results, fill out the form below.

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Earnix Announces Product Manager Workbench™ for US Insurance Market

earnix — Tue, 03 Apr 2012 06:55:25 +0000

Simple-to-use solution empowers US insurance product and state managers to analyze the impact of rating decisions, streamline collaboration with R&D, and accelerate the ratemaking process

New York, NY, April 3, 2012 — Earnix, a leading provider of Integrated Customer and Pricing Analytics solutions for insurance and banking, announced the Earnix Product Manager Workbench™ module.

Earnix Product Manager Workbench enables product and state managers in US insurance companies to incorporate price elasticity models into the pricing decision process. With simple-to-use predictive analytics functionality, users at any level can foresee the impact of future rate changes on key performance indicators (KPIs) such as new business conversion rate, retention, written premium, loss ratio , and any other KPI defined by the insurer.

Powerful what-if capabilities and direct manipulation of the rate order or rating factors make it easy for Product Managers to evaluate different pricing scenarios and fully understand their effect on critical business outcomes prior to rolling out new rates. Displacement reports can be generated for a particular segment or the entire book, presenting clear visual analysis of proposed rate modifications.

Providing an enterprise-wide platform that can be accessed across the organization, Earnix Product Manager Workbench allows all stakeholders in the pricing decision to collaborate using a unified set of models and data sets, while providing each of the users with unique views that best fit their needs and level of detail.

“The Product Manager Workbench enables Product Managers to estimate the outcome of a proposed rate change in a much more sophisticated manner than ever before.” said Meryl Golden, General Manager of North America Operations for Earnix. “The ability to produce a refined estimate of KPIs for each scenario improves Product Manager decision-making and leads to better financial results.”

“Insurance rating and pricing are an area where even the smallest improvements can have a significant impact on profitability,” said Deb Smallwood, Founder of Strategy Meets Action, a strategic advisory firm for the insurance industry. “Insurers that are seeking a new advantage in today’s competitive market should be evaluating solutions that provide common platform and set of tools that are used by all those involved in the rate-setting process. This type of solution creates an optimized and efficient process for rate-making.”

The Product Manager Workbench is part of the Earnix suite of Integrated Customer Analytics™ solutions, used by leading insurance companies and banks worldwide to elevate customer value, profitability, and growth. Organizations deploying the Product Manager Workbench will enjoy an easy upgrade path to more advanced Earnix solutions.

About Earnix

Earnix is a leading supplier of Integrated Customer Analytics™ solutions for the financial services industries. The Earnix solution suite combines risk and demand predictive analytics with real-time connectivity to operational systems, enabling the alignment of pricing and products with changing market dynamics. Earnix solutions are used by leading insurance companies and banks worldwide to elevate customer value, profitability, and growth by producing faster optimized decisions that best fit customer demand and outsmart the competition. More information is available at www.earnix.com.

Insurance Rating and Pricing Optimization: Increasing Profit through Cloud-based Analytics

admin — Fri, 09 Dec 2011 06:34:29 +0000

An SMA Perspective

“Insurance rating and pricing is an area where even small improvements have an outsized impact on profitability. In the current age of analytics, there is tremendous potential for harnessing large amounts of data and putting it to work by leveraging the proficiency of experts. There are analytics-based solutions that are now available in the marketplace, and some insurers have built their own solutions. But, implementation is difficult. The complexity of integrating these solutions into existing IT infrastructures, and the intricacies involved with stitching together multiple tools, delay the benefits and all too often fail to meet expectations and business needs.

Combining advanced models with a cloud-based solution is a novel approach that opens up new opportunities for pricing optimization…“

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The New Insurance Pricing Process – 6 Keys to Success

admin — Thu, 08 Dec 2011 06:47:40 +0000

Is it time to re-evaluate your pricing process? When fundamental market forces and significant technology paradigm shifts combine to form the “perfect storm,” the writing is on the wall for a reconsideration of existing processes.

Based on Earnix work with leading insurers worldwide, this new eBook will help you understand:

What are the shortcomings of existing pricing processes?
How do they impact the business?
How to reinvent the pricing process

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Customer Value Optimization: The Path to Sustainable Profitability in the Insurance Business

admin — Wed, 07 Dec 2011 06:53:45 +0000

The current economic shakeout presents an opportunity for insurance carriers that are looking to position themselves for long‐term success. With limited options for making money on their investments, insurers should seize the opportunity to become more customer‐centric, optimize customer lifetime value, and create sustainable profitability from their insurance operations.

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Price Optimization in the Age of Hyper Competition

admin — Tue, 06 Dec 2011 06:55:30 +0000

As raging competition shortens policy lifetimes, insurers find themselves caught in a vicious cycle where negative retention and profit erosion reinforce each other. To break the cycle, insurers should begin taking an integrated price optimization approach which considers acquisition, retention and customer lifetime value – simultaneously.

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Method and Tools for Insurance Price and Revenue Optimisation

admin — Mon, 05 Dec 2011 06:56:47 +0000

Published in the Journal of Financial Services Marketing

This paper introduces the emerging field of demand-driven insurance price and revenue optimisation. Following an introduction to the field, a case study is presented, illustrating a typical price optimisation project performed on a car comprehensive insurance portfolio at a direct insurance company. The study describes an actual price optimisation process using price testing, demand estimation, margin optimisation and controlled test validation procedures. Demand data were collected from a sample of 10,582 customers during June–July 2002. The subsequent demand-driven price optimisation process generated a profitability impact assessment of 9 per cent in net profit per a 1 per cent loss in customer retention. This assessment was validated in a controlled test conducted on a sample of 12,077 customers who were randomly assigned optimised or non-optimised prices. Test results validated the optimization assumptions, generating a 10 per cent improvement in expected annual profit.

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Cloud Pricing Analytics

admin — Thu, 03 Nov 2011 06:44:16 +0000

The Cloud presents exciting new opportunities for insurers to shed the shackles of their legacy systems and leapfrog the competition.

The webinar will help you understand how you can:

Optimize insurance rates and streamline the rating process
Transform silos of information into a collaborative pricing environment
Maximize value while minimizing IT footprint

Speaker:

Deb Smallwood, Founder, Strategy Meets Action

Deb Smallwood, the Founder of SMA, is highly respected throughout the insurance industry for strategic thinking, thought provoking research, and advisory skills. Prior to founding SMA, Deb served as Chief Transformation Officer for Insurance Company of the West (ICW). Before joining ICW, Deb launched and served as Managing Director of TowerGroup’s Insurance Research & Consulting Practice. As a Partner at KPMG LLP, she launched an IT consulting practice specializing in the assessment and management of IT risks. She began her career at Liberty Mutual, where she directed a variety of large-scale system development projects and rose to leadership of the commercial lines application development group.

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