Increasing Sophistication and Profitable Growth

Personal insurers were historically the initial parties to advance their pricing sophistication. On the contrary life and health insurers that have been traditionally slow to innovate are finally beginning to embrace the need for new sources of data and advanced analytical techniques. They have begun adopting life insurance solutions as well as life and health insurance solutions which have been provided by companies such as Earnix.com.

Earnix is helping insurers to refine their estimates of risks and to scientifically price their life and health insurance premiums to suit the needs of their customers as well as the objectives of their business. In many cases, the purchase of health insurance by corporations for their employees is completed by the organization. Specialized modeling and aggregation techniques which are enabled by Earnix ensures corporations get the kind of policies they require through the use of various statistical techniques like optimization. Earnix assists life and health insurers to set prices that allow them to achieve their business objectives.

As the market for life and health insurance is beginning to evolve opportunities to increase the number of customer attributes used for determining risk and prices are increasing. Earnix can provide help to find these new segmentation schemes and to understand the benefit of incorporating them into the pricing strategy.

Earnix provides a highly intuitive user interface with single point access to all the functionality needed by insurers. It helps them to build models, forecast changes, and create reports that are appealing. Earnix provides enterprise-grade software that can be deployed on-premise or in the cloud providing flexible options to meet immediate and future requirements. By using the Earnix cloud option insurers can instantly make the solution available across their organization by establishing a unified analytical process using health insurance analytics.

The professional services from Earnix are supporting life and health insurance customers at all stages of the implementation and deployment process. The industry experts with Earnix that are renowned globally are available to guide you to extract maximum value from the platform. The financial services experience they have ensures that they understand the data and analytical processes which can translate into growth.

Life and health insurance companies also receive support at every stage of the implementation and deployment process from the professional services of Earnix. Their industry experts are at hand to instruct users on leveraging all the benefits provided by the platform. The Earnix support model is customized to provide as little or as much assistance as required. At the end of the process, the user will have the know-how and the analytical tools to make optimized decisions that are data-driven.

Leading life insurers from the US have claimed that they have managed to increase quote conversions by 15% leading to a 1% increase in total premium growth while managing to maintain a steady profit.

Life and health insurers can no longer believe they have all the time at their disposal as the market is constantly evolving. They need to adopt the life and health insurance solutions being offered by companies such as Earnix because it will help them make data-driven decisions and set prices which help them to achieve their business goals. The insurance industry is changing just like every other business and bringing upon insurers the need to adopt solutions that will help them easily to sift through large volumes of data from both traditional and emerging sources for uncovering the variables that best suit their modeling needs and activities by eliminating time-consuming trial and error and daunting data management tasks. These are solutions which insurers cannot afford to ignore unless they are prepared to lag behind their competitors simply because they are not in a position to implement an effective pricing strategy.

For information regarding health insurance software visit Earnix

Health insurance analytics