Earnix and Exavalu Partner to Modernise Insurance Pricing
Earnix, a leading provider of AI-driven rating, pricing, and product personalisation solutions for insurers and banks, has announced a strategic partnership with Exavalu, a digital insurance advisory firm.
Earnix is an advanced analytical platform designed for pricing analytics and optimisation, used by insurance and retail banking organisations. Exavalu, on the other hand, is a business and technology consulting firm that specialises in delivering solutions for digital transformation across the insurance, healthcare & life sciences, and nonprofit sectors.
This collaboration aims to enhance pricing flexibility and modernise the rating processes for property and casualty (P&C) insurers.
The partnership between Earnix and Exavalu will leverage Earnix's advanced AI-based Software-as-a-Service (SaaS) platform to offer sophisticated pricing and product personalisation tools. Earnix’s platform uses predictive modelling and machine learning algorithms to deliver real-time pricing, risk assessment, and customer insights, enabling insurers to make data-driven decisions.
Exavalu will contribute its deep expertise in digital transformation and consulting to help insurers implement these tools effectively, ensuring the strength of existing systems and processes.
Saurav Basu, President and Founder, Exavalu Inc., says: “As carriers modernise their core, digital and data capabilities, improving pricing analytics, accelerating market data integration and automating rate manufacturing and deployment using a single modern, low-code pricing and rating system become essential for speed to market.
“Exavalu’s deep insurance technology and operational advisory and implementation expertise complement the power and flexibility of the Earnix platform to create a competitive advantage for digital carriers.”
This initiative is expected to revolutionise how P&C insurers approach pricing, making it more dynamic and responsive to real-time data. By integrating Earnix's technology with Exavalu's strategic advisory services, insurers will be better equipped to achieve competitive advantage and improve customer satisfaction.
“We are thrilled to combine the decades of experience of Exavalu’s advisory services, technology consulting and system integration teams with Earnix’s technology to meet the most pressing strategic transformational challenges of top tier insurers,” says Ruth Fisk, Head of Business Development at Earnix.
What is SAAS in the context of insurance?
Software as a Service (SaaS) has been revolutionising the insurance industry for years by providing cloud-based software solutions that insurers can access over the internet. This model eliminates the need for substantial investments in on-premises infrastructure and IT maintenance, allowing insurance companies to adopt advanced technologies without significant upfront costs.
The SaaS model offers significant flexibility and scalability for insurers. Cloud-based platforms can be easily scaled up or down based on the company’s needs, accommodating growth and fluctuating demand without the necessity for substantial additional investment. This scalability is particularly beneficial in handling peak periods, such as during natural disasters or policy renewal cycles. Moreover, SaaS solutions often come with customisable features and integrations, allowing insurers to tailor the software to meet specific business requirements and seamlessly integrate with existing systems.
Security and compliance are critical in the insurance industry, and SaaS providers prioritise these aspects. Leading SaaS vendors implement robust security measures, including encryption, regular security audits, and adherence to industry standards like GDPR and HIPAA. These measures ensure that sensitive customer data is protected, and regulatory requirements are met.
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