Earnix, a global provider of advanced rating, pricing, and product personalisation 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 personalised 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.
“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 instil 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 with 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 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 not only saves insurance companies time and resources while enhancing the consumer experience, but it also sets a new industry standard for consumer expectations.