"Because [Underwrite-It] is sitting on the same technology foundation of Earnix's intelligence insurance operations, customers will enjoy full cooperation between underwriting and pricing."
- Udi Ziv, Earnix chief executive
When Underwrite-It was first launched, Earnix claimed that, unlike other areas of insurance such as claims and pricing, underwriting remains “largely underserved by insurance technology.”
Udi Ziv, Earnix chief executive, felt that “the time it takes to make underwriting changes is way too long,” and it “lags the needs of a dynamic market.”
In an attempt to tackle the needs of the underwriting market, Earnix combined the standard rules-based approach of underwriting with advanced machine learning and simulation, to improve time-to-market on underwriting changes as well as cross-collaboration, and analytics-based underwriting.
According to Udi Ziv, “it feels very natural for underwriting and pricing to fully cooperate, but because the tools they use are so different, that cooperation is inefficient if it happens at all.”
Yaron Lavie, Earnix VP of product also noted that the average time to market for underwriting changes is weeks or months; “amid a challenging and volatile market for insurance, this is simply not agile enough.”
“If you want to make a change to an underwriting strategy or introduce a new underwriting model, you also need to understand its impact on your pricing strategies,” Lavie added.
Earnix believes that insurers can bridge the gap between underwriting and pricing. This gap has been combated through Underwrite-It’s ability to allow customers to share loss cost, demand models with pricing, and rate teams using Earnix’s pricing solution, ‘Price-It’.
What separates Earnix’s Underwrite-It solution from other tools currently on the market is its ability to help insurers build rules rather than just manage the process.
Dror Pockard, Earnix chief strategy officer, told Insurance Business that “we see that companies are looking for ways to start embedding analytical models into their underwriting process, and that’s where we’re supporting them.
“We are providing a tool to manage the rules and models for underwriters.”
