Earnix, a provider of AI-based software-as-a-service solutions for the financial services industry, has joined forces with data analytics and technology provider Verisk.
Under this partnership, Verisk will integrate its ISO Electronic Rating Content (ERC) solution into Earnix’s pricing and rating platform.
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This move is set to empower insurers with enhanced accuracy, regulatory compliance and quicker delivery times.
It will also help insurance companies drive improved business outcomes, especially in the commercial insurance market.
The integration of Verisk’s ISO ERC with Earnix’s end-to-end platform will further provide commercial line insurers with a comprehensive solution for advanced analytics, rating and pricing.
In addition, the combination will enable them to operationalise the strategic value of Verisk’s ISO ERC, all within a single environment.
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By GlobalDataAccording to Earnix, this combined efficiency is projected to affect the insurers’ speed in bringing new rates to the market, which will provide them with a competitive advantage.
Verisk’s ISO ERC is recognised as the industry standard for commercial rating content in the US property and casualty (P&C) market, Earnix noted.
It includes rating-related information and rules logic for a wide range of products across numerous commercial lines in the P&C insurance sector across the US.
With the integration into the Earnix Price-It Platform, insurers will have immediate access to updated rating tables and loss cost, which will inform more accurate pricing as well as rating decisions.
Earnix Business Development head Ruth Fisk said: “After a tumultuous 2023, insurers recognised the critical need to be quick to respond to market changes.
“By integrating Verisk’s ISO ERC, we are providing commercial insurers the ability to stay a step ahead in serving their customers with not only speed to market but also flexibility and, ultimately, better business outcomes.”
Verisk senior vice-president Ron Beiderman added: “The use of Verisk’s ISO ERC will position insurers on Earnix’s platform to be much more competitive by giving them the ability to improve speed to market over existing manual methods.”
