Earnix, an AI-driven pricing and analytics platform, has partnered with Co-operators General Insurance Company to streamline homeowners’ insurance pricing.
The move will see the implementation of the Earnix Enterprise Rating Engine, which marks a significant step in Co-operators’ efforts to modernise their operations and enhance their homeowners’ insurance offerings, according to InsurTech Insights.
The collaboration focuses on Co-operators leveraging the Earnix platform as their primary production rating solution for homeowners’ insurance.
This step is expected to not only streamline the company’s pricing process but also introduce a unified pricing and rating platform for future lines of business, improving their overall operational efficiency.
Earnix provides intelligent, cloud-based software for financial services companies, specialising in predictive analytics, dynamic pricing, and rating systems.
Co-operators, a prominent Canadian financial services organisation, has a broad offering of insurance and investment products aimed at protecting individuals, businesses, and communities.
The collaboration between the two firms began in 2015 when Co-operators initially adopted Earnix’s modelling and analytical pricing tools. This latest upgrade builds on the relationship, with Co-operators adopting Earnix’s new Ready for Guidewire accelerator, a solution designed to integrate Earnix’s system with Guidewire PolicyCenter.
This integration is expected to reduce the time and effort required to introduce new ratings to the market, helping Co-operators react more swiftly to market changes.
A key feature of this partnership is the flexibility offered by the Guidewire accelerator, which allows Co-operators to externalise cloud-based ratings.
This feature provides agility in pricing without the need to align with system schedules, enabling the company to make quick pricing changes to meet market demands while benefiting from advanced analytics that refine pricing accuracy and profitability.
Co-operators has long been a client of Earnix, relying on its technology to enhance its pricing strategies. With the addition of the rating engine and Guidewire accelerator, the company aims to further refine its pricing operations and improve customer acquisition, retention, and profitability.
Amélie Beauregard, vice president of home and auto pricing at Co-operators, stated, “Agility is crucial to staying competitive in today’s rapidly changing market – the right tools and solutions can significantly impact our success in doing so. We came on as an early adopter of Earnix’s Guidewire accelerator and have already seen gains in our speed to market driven by new operational efficiency. We look forward to seeing further enhancements from Earnix as we refine our approach.”
Robin Gilthorpe, chief executive of Earnix, highlighted the significance of this partnership, saying, “We are proud to provide Co-operators with streamlined integration of the Earnix Rating Engine and the ability to power their rapid delivery of new and updated products, all via our Guidewire accelerator. Co-operators’ selection of Earnix’s rating solution demonstrates their forward-thinking approach to leveraging and deriving meaningful value from technology.”
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