Leading Canadian Insurer Expands Vendor Agreement with Earnix to Implement Enterprise Rating Engine

Earnix’s Ready for Guidewire accelerator will enable operational efficiencies and streamlined strategic growth

Boston, MA (Aug. 27, 2024) – Earnix, the leading global provider of intelligent decisioning SaaS solutions for financial services, is pleased to announce that a leading Canadian financial services co-operative, Co-operators General Insurance Company (Co-operators) has successfully implemented the Earnix Enterprise Rating Engine as its production rating solution for homeowners’ insurance. Now, Co-operators is excited to use Earnix’s Ready for Guidewire accelerator to help further realize the benefits of a single pricing and rating platform by significantly streamlining  delivery of future lines of business.

“Agility is critical to stay competitive in today’s rapidly changing market – the right tools and solutions can significantly impact our success in doing so,” said Amélie Beauregard, Vice President, Home and Auto Pricing at Co-operators. “We came on as an early adopter of Earnix’s Guidewire accelerator and have already seen gains in our speed to market driven by new operational efficiency. We look forward to seeing further enhancements from Earnix as we refine our approach.”

Co-operators has been a longstanding Earnix customer since 2015. After eight years of successfully leveraging Earnix for modeling and analytical pricing, this implementation, which includes the enhanced rating engine capability, will allow for Co‑operators to leverage the benefits of Earnix’s single native platform. The all-in-one solution drives pricing, customer acquisition, customer retention, revenue, and profitability for the organization.

Earnix’s Ready for Guidewire accelerator provides both efficiency and flexibility by integrating the PolicyCenter and Earnix systems together for most P&C lines of business. According to Deloitte Canada, the accelerator will result in material reductions in efforts to deliver new externalized ratings to the market. Externalizing cloud rating enables pricing’s ability to remain agile and flexible by eliminating the need to align pricing changes with an information system’s schedule. This agility provides the opportunity to respond to market demands and operational needs with speed and precision. Externalizing also enables the ability to leverage advanced analytics for improved pricing accuracy and optimize profitability.

“⁠We are proud to provide Co-operators with streamlined integration of the Earnix Rating Engine and the ability to power their rapid delivery of new and updated products, all via our Guidewire accelerator,” said Robin Gilthorpe, CEO, Earnix. “Co-operators selection of Earnix’s rating solution demonstrates their forward-thinking approach to leveraging and deriving meaningful value from technology.”

For more information on Earnix’s rating engine software, please click here,

To learn more about the Earnix Ready for Guidewire accelerator, please click here.

About Co-operators

Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. Co-operators has more than $65 billion in assets under administration and has been providing trusted guidance to Canadians since 1945. The organization is well known for its community involvement and its commitment to sustainability. Currently a carbon neutral organization, Co‑operators is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co‑operators is also ranked as a Corporate Knights’ Best 50 Corporate Citizen in Canada. For more information, visit www.cooperators.ca.

About Earnix

Earnix is the premier provider of mission-critical, cloud-based intelligent solutions across pricing, underwriting, rating, and product personalization. These fully integrated solutions provide ultra-fast ROI and are designed to transform how global insurers and banks are run by unlocking value across all facets of the business. Earnix has been innovating for insurers and banks since 2001, with customers in over 35 countries across six continents and offices in the Americas, Europe, Asia Pacific, and Israel. For more information, visit earnix.com.

SOURCE: Earnix

Tags: Co-operators, Earnix, Guidewire, platform, Software as a Service (SaaS)