Insurance software company Earnix acquired AI telematics provider Driveway Software’s assets to scale up its Usage-Based Insurance (UBI) and Behavior-Based Insurance (BBI) solutions.
Driveway’s assets, including a telematics app, will help Earnix in advancing its existing offering in UBI and BBI.
With the acquisition, Earnix, which provides advanced rating, pricing, and product personalization solutions for insurers and banks, will now enable insurers to leverage intelligent telematics for risk modelling, pricing and rating to enhance the customer experience by identifying and delivering the right personalized UBI and BBI offers in real-time.
The new offering will empower auto insurers to manage the entire lifecycle for personalized telematics-based UBI/BBI through a mobile-centric engagement more efficiently. Earnix’s UBI/BBI offering now boasts a full set of embedded capabilities necessary for carriers to anticipate and proactively address the needs of the changing market – data accuracy, driving risk models, driver engagement – resulting in a faster time-to-market for new offers, more accurate pricing through a deeper understanding of consumer behaviour and risk as well as the ability to rapidly create and deploy contextualized and personalized offers.
Earnix’s new solution combines artificial intelligence and traditional analytics to enable insurers manage and analyse the bi-directional data and provide contextually relevant offers. Earnix offers an insurer the ability to operationalize large volumes of data, achieve real-time deployment of UBI and BBI offers and adjust pricing and product offerings accordingly through a detailed view of their customer, all while ensuring governance and compliance over the entire process.
The InsurTech space is getting saturated and very few companies have the capability to provide rating, pricing and personalization in an integrated manner. Staying ahead in the market, Earnix’s integrated end-to-end system provides all the elements of UBI/BBI – rating, personalization of prices and products, and operationalization of built-in telematics data, making it the only provider that offers all three elements. Its operationalized telematics data further enables insurers to provide consumers with more accurate prices and a better customer experience.
Commenting on the changing insurance market, Earnix CEO Udi Ziv said that insurers are under increasing pressure to provide offerings tailored to the needs of the market with consumer expectations evolving rapidly. “As a result, the demand for UBI and BBI is helping to drive the revolution for personalized and real-time offers in insurance, providing carriers with the opportunity to differentiate themselves and create lasting customer value through relevant and timely engagement,” he said.
Ziv added that with the new solution Earnix has become a one-stop-shop for UBI and BBI. The offering incorporates telematics with the operational capacity and advanced analytics necessary for insurers to deliver rates and offerings in complete and precise alignment with the needs of their customers, each time, he explained. Furthermore, Earnix’s solution components have been pre-configured for rapid integration within an insurer’s existing tech infrastructure, accelerating time-to-value in providing new offerings in the marketplace.
Senior analyst at Celent Marty Ellingsworth said that given people are connected 24*7 through their mobile devices, it is imperative that insurance carriers learn who their customers truly are, retain this information in real-time and anticipate their future needs. He said, “Combining a rich flow of driving insights via a proven telematics app fully embedded within Earnix’s powerful platform will provide insurers with the unique opportunity to strategically and accurately assign risk and present compelling usage and behavioural-based offerings to the market-leading to greater consumer engagement, satisfaction and long-term value.”
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