Insurance technology news
Leading insurance and banking industry integrated customer and pricing analytics solutions provider, Earnix, has unveiled their latest offering in the form of the Earnix Product Manager Workbench module.
This new product allows product and state managers from American insurers to bring together price elasticity models and decision processes for pricing. The predictive analytics functionality is easy to use, and any level user will be able to forecast the result of upcoming rate changes on key performance indicators (KPIs). This includes the written premium, retention, the conversion rate for new business, the loss ratio, and any other insurance company-defined KPI.
Moreover, it has strong capabilities to decide the outcome of a “what if”, and allows the direct manipulation of the rating factors or the rate order. This simplifies the process of evaluating various scenarios for pricing by product managers. It allows them to obtain a more complete understanding of their impact on vital business outcomes before new rates are rolled out. They can also create displacement reports for the entire book, or for a specific segment, giving a visual analysis of the possible rate modifications with much greater clarity.
The Earnix Product Manager Workbench platform can be used across the company, and can be accessed throughout the organization. It gives all pricing decision stakeholders to work together through the use of common data sets and models, as it gives each of those users the ability to obtain the information and detail level that suits their own unique views.
According to the Earnix general manager of North America Operations, Meryl Golden, “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”.
