Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks, announced it has acquired AI-powered telematics provider Driveway Software Corporation’s assets and will be joined by Driveway’s strong and highly capable team of domain rich experts. The assets, including a state-of-the-art telematics app, will serve as a cornerstone in establishing a new and transformative offering in Usage-Based Insurance (UBI) and Behavior-Based Insurance (BBI).
With Earnix, insurers are now able to leverage intelligent telematics for best-in-class risk modeling, pricing and rating to enhance the customer experience by identifying and delivering the right personalized UBI and BBI offers in real-time.
The central value proposition driven by this acquisition is Driveway’s proven consumer telematics app that will be integrated as a core component within Earnix’s UBI/BBI offering. The new offering represents an innovative and fresh approach that empowers auto insurers to more efficiently manage the entire lifecycle for personalized telematics-based UBI/BBI through a mobile-centric engagement. Earnix’s UBI/BBI offering now has the full set of embedded capabilities necessary for carriers to anticipate and proactively address the needs of the changing market – data accuracy, driving risk models, driver engagement – resulting in a faster time-to-market for new offers, more accurate pricing through a deeper understanding of consumer behavior and risk as well as the ability to rapidly create and deploy contextualized and personalized offers.
“As consumer expectations continue to evolve rapidly, insurers are under increasing pressure to provide offerings tailored to the needs of the market. As a result, the demand for UBI and BBI is helping to drive the revolution for personalized and real-time offers in insurance, providing carriers with the opportunity to differentiate themselves and create lasting customer value through relevant and timely engagement. Our powerful new solution incorporates intelligent telematics with the operational capacity and advanced analytics necessary for insurers to deliver rates and offerings in complete and precise alignment with the needs of their customers, each time,” said Udi Ziv, CEO at Earnix.
“People are more connected today than ever before, primarily through their mobile devices and as supported through their daily interactions as consumers. With this has come the expectation for insurance carriers to learn who their customers are, to retain this information in real-time and to anticipate their future needs,” said Marty Ellingsworth, a Senior Analyst at Celent, a leading research and advisory firm. “Combining a rich flow of driving insights via a proven telematics app fully embedded within Earnix’s powerful platform will provide insurers with the unique opportunity to strategically and accurately assign risk and present compelling usage and behavioral-based offerings to the market-leading to greater consumer engagement, satisfaction and long-term value.”
Earnix’s new robust capabilities, combining state-of-the-art artificial intelligence and traditional analytics with a tremendous depth of industry expertise, enable insurers to manage and analyze the bi-directional data and provide highly personalized and contextually relevant offers. With Earnix’s automation capabilities, an insurer can operationalize large volumes of data, achieve real-time deployment of UBI and BBI offers, re-assess consumer risk and demand and adjust pricing and product offerings accordingly through a 360º view of their customer enriched with telematics data, all while ensuring governance and compliance over the entire process. Furthermore, Earnix’s solution components have been pre-configured for rapid integration within an insurer’s existing tech infrastructure, accelerating time-to-value in providing new offerings in the marketplace.
Combined in a single end-to-end systematized solution, Earnix’s smarter business velocity offering enhances an insurer’s ability to provide the right product at the right price and at the right time, thereby substantially benefitting their most important asset – the customer.
Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers can provide prices and personalized products that are smarter, faster, and safer in full alignment with corporate business goals and objectives. Earnix’s customers deliver over 1 billion quotes per year through Earnix’s solutions, offering systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for Insurers and Banks since 2001, operating in 6 continents.