The integrated solutions promise ultra-fast return on investment (ROI) and aim to redefine the operational models of global insurers and banks. Credit: MT.PHOTOSTOCK/Shutterstock.

Earnix, an AI-based software-as-a-service (SaaS) pricing and rating solutions provider, has teamed up with IT services and solutions company Hexaware to enhance insurance pricing strategies.  

This collaboration aims to provide pricing strategies tools to help insurers refine their underwriting efficiency, adhere to regulations, maintain a competitive edge and mitigate losses.  

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Hexaware is committed to delivering a holistic approach to underwriting practices with a pricing practice that supports transformation across various lines of business and pricing models for brokers, insurers and managing general agents (MGAs).  

The adoption of intelligent pricing is pivotal for achieving more precise risk assessment as well as premium setting, Earnix noted.  

Utilising Earnix’s data analytics and AI-driven models, insurers can now assess individual risk factors with unprecedented precision.  

This enables the creation of more accurate pricing models, which in turn enhances underwriting accuracy by quickly adapting to real-time data and shifts in risk profiles. 

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Earnix said it stands at the forefront of providing mission-critical, cloud-based intelligent solutions that span pricing, underwriting, rating and product personalisation.  

These integrated solutions promise ultra-fast ROI and aim to redefine the operational models of global insurers and banks by unlocking value in all business aspects, Earnix claimed. 

Hexaware Insurance global leader Sandesh Shetti said: “Hexaware’s expertise in AI and ML [machine learning], combined with Earnix’s pricing and underwriting solutions, will help our clients refine pricing strategies, improve customer satisfaction and maintain a competitive edge.” 

Earnix business development head Ruth Fisk added: “Earnix is excited to join forces with Hexaware to drive significant advancements in the insurance industry. 

“By combining our expertise, we can offer a comprehensive suite of solutions that helps insurers optimise their pricing and risk management strategies, improve customer experience, and ultimately drive growth and profitability.” 

Founded in 2001, Earnix serves clients in more than 35 countries across six continents, with a presence in the Americas, Europe, Asia-Pacific and Israel.