The partnership accelerates the use of expanded sources of data for risk modeling, rating, and pricing to support new and innovative products like usage-based and behavior-based for insurers to bring to market
Morristown, NJ – March 10th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the partnership with Earnix, a global provider of advanced AI-driven rating, pricing, and product personalization solutions for insurance and banking. The partnership will accelerate the use of expanded sources of data for risk modeling, rating, and pricing to support new and innovative products like usage-based and behavior-based insurance.
Together the platforms provide an on-demand Software as a Service (SaaS) solution using Earnix’s platform and Majesco’s P&C Core Suite and Majesco Underwriter360 to integrate critical and accurate risk information during the pricing, rating, and underwriting process. Integration of the platforms was deployed by a joint customer to launch a new, innovative business and products for a specific market segment, delivering speed to value successfully.
“This partnership with Earnix is an exciting development for both parties given the P&C industry’s growth focus on new, innovative products and reaching new market segments that demand more personalized pricing and rating,” stated Ed Ossie, Chief Operating Officer of Majesco. “With our combined focus and capabilities on speed to market, we will jointly serve and add significant value for insurers and their customers. We look forward to an exciting partnership that delivers agility, innovation and speed.”
Majesco’s recent customer research highlights the strong interest in leveraging new sources of data for personalized rating and pricing across different lines of business. As an example, over 80% of customers across all generational groups would use pricing based on driving behavior and number of miles driven. Even monthly rates based on whether the car is parked or driving show a strong interest over 76%. These strong results highlight the growing demand for new and personalized pricing that customers expect as they consider buying new or renewing their insurance. Those who are not advancing in these capabilities will likely fall well behind others who are leading the industry and capturing market share.
“It’s clear that the insurance industry is at a crucial inflection point,” said Dror Pockard, Chief Strategy Officer at Earnix. “Insurers must find a way to marry the strength of their deep knowledge and expertise with today’s technology to ensure they provide fully personalized dynamic offerings that customers demand. Partnerships like the one between Earnix and Majesco enable carriers to advance their speed to market and to quickly bridge the divide between them and customers.”
Majesco P&C Core Suite for P&C personal, commercial, workers compensation, specialty, and new products, including parametric and on-demand, accelerates business growth and innovation that includes a distinct, yet fully integrated, set of solutions that together provide the flexibility and speed to innovate while delivering sustainable growth, putting the power in the insurer’s hands.
Earnix’s unique single platform combines dynamic pricing and telematics solution, with highly personalized products, and contextual engagement capabilities. Coupling AI with proven analytical methodologies, Earnix’s unique approach delivers robust personalization by adapting rates and products while considering competitor offerings and customer demand. Its solution has been pre-configured for rapid integration within an insurer’s existing tech infrastructure, further accelerating time-to-value.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.
Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers can provide prices and personalized products that are smarter, faster, safer and in full alignment with corporate business goals and objectives. Earnix’s solutions, offer systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for Insurers and Banks since 2001 with offices in the Americas, Europe, Asia Pacific, and Israel. Visit: earnix.com.