Earnix unveils strategic collaboration with NTT Data to drive insurance innovation

June 26, 2024

Earnix, a global leader in AI-based SaaS solutions for financial services, has announced a collaboration with NTT Data to deliver cloud-based intelligent solutions for pricing, rating, underwriting, and policy personalisation to top property and casualty insurance carriers.

By integrating Earnix’s extensive end-to-end solution with NTT Dataa’s data migration expertise, the collaboration enhances insurers’ market responsiveness and ability to innovate using data.

According to NTT DATA’s report, “Revolutionizing Insurance Through the Power of Data and AI,” the global insurance analytics market, valued at $11bn in 2022, is projected to grow to $35 billion by 2030, with an annual growth rate of 15.6%.

Insurers are increasingly expected to provide exceptional customer experiences and customised products while dealing with the limitations of outdated systems.

This collaboration promises several benefits for insurers. It includes partnership and transparency across the value chain, enhanced and personalised customer experiences, core system upgrades, data and API integration, improved regulatory readiness, and industry-leading connectivity and infrastructure.

These combined strengths aim to deliver powerful results, enabling insurers to stay competitive and responsive to market changes.

Rob Baughman, senior vice president, insurance services, NTT Data North America, remarked, “We are proudly driving transformative change in the insurance sector through our AI-driven solutions, and we are excited to announce our partnership with Earnix. Together, we aim to establish new benchmarks in the industry, boosting our clients’ potential for sustained success and fast-tracking their digital transformation journey.”