Earnix, a provider of AI-based SaaS solutions for financial services, has announced a strategic partnership with Verisk, a data analytics and technology provider.
This collaboration will allow Earnix to incorporate Verisk’s ISO Electronic Rating Content (ERC) into its pricing and rating platform. The integration aims to enhance accuracy, speed up delivery times, ensure regulatory compliance, and improve business outcomes for commercial insurers.
“After a tumultuous 2023, insurers recognised the critical need to be quick to respond to market changes,” commended Ruth Fisk, Head of Business Development at Earnix. “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.”
“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,” added Ron Beiderman, Senior Vice President at Verisk.
Through this partnership, commercial line insurers can utilise Earnix’s comprehensive solution for advanced analytics, rating, and pricing, while seamlessly integrating the strategic benefits of Verisk’s ISO ERC. This approach is expected to significantly accelerate the introduction of new rates to the market, offering a competitive edge.
Verisk’s ISO ERC is a benchmark for commercial rating content, providing rating information and rules for various products within the US property and casualty industry. By embedding Verisk’s ISO ERC into the Earnix Price-It Platform, insurers will gain access to updated loss cost and rating tables, enabling more informed and effective pricing and rating decisions.
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