Earnix, the leading global provider of AI-based SaaS solutions for financial services, has announced a strategic collaboration with Verisk to boost commercial insurance pricing efficiency.
The partnership aims to integrate Verisk’s ISO Electronic Rating Content™ (ERC™) into Earnix’s pricing and rating platform, empowering insurers to enhance accuracy, reduce delivery time, facilitate regulatory compliance, and drive better business outcomes in the commercial insurance market.
The move will allow commercial line insurers to leverage Earnix’s advanced analytical tools while utilising Verisk’s comprehensive rating content.
This synergy is expected to significantly enhance the speed and accuracy of bringing new rates to market, offering insurers a competitive edge.
Insurers will also be able to implement the strategic value of Verisk’s ISO ERC™ within a single environment, thereby improving their response times to market changes.
This capability is particularly crucial following the tumultuous market conditions of 2023, which underscored the need for agility in the insurance sector.
Speaking on the news, Ruth Fisk, Head of Business Development at Earnix explained, “After a tumultuous 2023, insurers recognized the critical need to be quick to respond to market changes. By integrating Verisk’s ISO ERC™, we are providing commercial insurers the ability to stay a step ahead in serving their customers with not only speed to market, but also flexibility and ultimately better business outcomes.”
Ron Beiderman, Senior Vice President at Verisk, added, “The use of Verisk’s ISO ERC™ will position insurers on Earnix’s platform to be much more competitive by giving them the ability to improve speed to market over existing manual methods.”
Copyright © 2024 InsurTech Analyst
