Tag: Earnix

The insurance industry is in the midst of a profound transformation, driven by the adoption of advanced AI technologies. Adrian Coupland, head of EMEA insurance at Earnix, sheds light on how AI-based platforms are revolutionising insurers’ operations, the hurdles posed by legacy systems, and the critical role of modernisation in adapting to today’s market demands, as outlined in Earnix’s 2024 Industry Trends Report.

Tokio Marine North America Services (TMNAS) has partnered with Earnix, a global provider of AI-driven SaaS solutions, to develop a centralised rate repository aimed at enhancing pricing and rating strategies.

The global InsurTech market grew to 25.97bn in 2024 and is expected to reach approximately USD 496.56bn by 2033. This represents a remarkable compound annual growth rate (CAGR) of 38.8% from 2024 to 2033. This rapid expansion is being driven by innovations in artificial intelligence (AI), machine learning (ML), cybersecurity, and a growing emphasis on Environmental, Social, and Governance (ESG) practices.

As UK insurers grapple with rising claims costs and escalating premiums, the pressure on onboarding processes has never been greater. Motor claims payouts surged by 18% last year, while British drivers faced premium hikes of over a third, outpacing the rest of Europe. At the same time, home insurance renewal quotes soared by 42%, leaving insurers scrambling to adapt. Given these tribulations, the efficiency and effectiveness of insurance onboarding has become crucial. 

The 2024 Earnix Industry Trends Report has revealed that the insurance sector faces pressing challenges with AI adoption, legacy system modernisation, and compliance pressures.

Earnix, the leading global provider of AI-based SaaS solutions for financial services, has partnered with HCLTech to drive transformation in insurance rating and pricing. 

Earnix, the leading AI-driven platform for intelligent decisioning SaaS solutions in the insurance and financial services sectors, has announced the appointment of Jessica Buss, to its Board of Directors effective October 1st.

Rising delinquencies across all consumer lending lines have become a significant concern, as highlighted by the Q2 2024 Quarterly Credit Industry Insights Report (CIIR) from TransUnion. This uptick in defaults, alongside intensifying competition, shrinking profit margins, and increasing financial pressures, is pushing lenders to reassess their pricing and credit risk strategies. 

Earnix, the global leader in intelligent SaaS solutions for financial services, has launched an advanced AI platform that is set to combine pricing analytics with automated credit risk decisioning.

As the insurance industry rapidly modernises, actuaries are becoming integral to shaping and executing strategic growth plans. With a focus on enhancing risk management, leveraging advanced technologies like AI, and optimising decision-making processes, actuaries are driving innovation across the landscape. Their expertise is crucial in adapting to industry changes and achieving long-term business objectives, underscoring their pivotal role in the future of insurance strategy.