Earnix Software Suite

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Overview

Earnix’s solution suite for Insurance provides the most comprehensive set of pricing and analytics tools designed specifically for the insurance analytics professional. The Insurance Suite’s integrated modules work together and are flexible — in order to adapt to the needs of your evolving business.

You’ll benefit from the increased efficiency and integration that comes from a single user interface, as well as the reliability that comes with not having to duplicate data - which can often be error prone.As the user moves from one module to the next, results are delivered quickly — and in a consistent fashion — without IT support that is often needed from custom integration processes. Earnix offers the freedom and flexibility needed for analytics professionals and teams to make quick business decisions.

After the initial set up, managers and analytics professionals can use the single interface without technical guidance. Minimal customization of the environment is needed, so you can be up and running in a matter of days. While Earnix offers the choice of either cloud or on-premise deployment, most select the cloud environment because of the many benefits: fast and easy setup, improved security, minimal IT involvement, and minimal initial hardware expense.

Key Features

Data Management

This module helps insurers integrate data from multiple sources into a single repository for modelling. It imports, cleans, modifies, and prepares data

for model building. It is designed to avoid the inefficiency of having to query external data management tools to perform simple actions.

Visual Modeling

Analytics professionals have the ability to model risk, demand, conversion, and retention propensities at the level of sophistication your organization needs. This can be done in a visual manner all while advancing the analytical maturity of your modeling efforts with machine learning and hybrid modeling techniques. All relevant diagnostics for model construction are available, providing a faster and more intuitive interface than other vendors provide.

What-if Simulation

Many pricing scenarios must be considered and compared in order to understand potential volume and profit trade-offs and then select the best option. Develop refined estimates of the outcomes before you put the decision into the market using what-if simulation.

Decision Optimization

Decision Optimization helps you understand business tradeoffs to maximize results. Combining predictive models across various dimensions enables a holistic view of your insurance portfolio. You can also easily add or change internal and external constraints to understand the implications on your optimized scenarios, dimensions, policies, and business goals. Management can be confident that the best possible product and price combinations to meet customer needs while optimizing company goals for price, volume, retention, and profitability are deployed.

Release to Production to Execute Proposed Changes in Real-Time

Real-time integration translates into being able to develop, analyze, deploy, and present customer offers almost instantaneously. Quick delivery means being more competitive, and being able to react quickly to changing market dynamics. Once pricing projects and scenarios are executed in Earnix, they can be transported via web services and API technologies to customer-facing channels and systems. These offers can also be tracked for optimal governance and management. The Earnix solution accesses a full library of tested offers that can be delivered in sub-second times across various time periods and to downstream deployment software systems.

Monitor Customer or Competition Movement with Ease

What is the result of your price change? What are the conversion rates and how are customers responding? Key performance indicators can be monitored to quickly understand if you are achieving your desired goals, or if you need to modify your pricing or business decisions. Insights can be incorporated into the closed loop feedback process to improve analytical projects and pricing scenarios over time.

Reporting

Reports and visual insights are only as good as the data and analytics that lie underneath. With Earnix, you can easily share insights across the organization or lines of business quickly. Not only do you have access to both 2D and 3D reports, you can create reports in a variety of formats, including bar and graph reports, scatter plots, box plots and heat maps, efficient frontier and sensitivity analyses, and geospatial reports. Business analysts and managers can generate reports on their own and distribute them in multiple formats as required. Insights can be gleaned by analytics professionals and executives quickly, and that information can be used to make business critical decisions.

Key Benefits

Accelerate the time-to-market of new product offer and price decisions.

Increase competitiveness by enabling users to quickly analyze, determine, and deploy informed and actionable decisions. The Earnix solution enables you to make product adjustments in real time.

Discover the impact of offer, volume, and other variables on business performance. Earnix gives you the ability to predict and test the outcomes of decisions prior to deployment.

Adjust strategies and tactics based on market dynamics and receive immediate feedback. Earnix modules share critical data so you can develop and test accurate, robust customer models quickly and easily.

Reduce the effort of regulatory compliance. Earnix increases accountability and retrieves the logic behind every strategy, giving organizations the information they require.