Partnership Formed Between Earnix and Sapiens for Pricing Solutions
Sapiens and Earnix Collaborate to Enhance Real-time Pricing for Insurers
In a significant move, Sapiens International Corporation and Earnix have announced a collaboration aimed at enhancing real-time pricing for insurers. This strategic partnership is designed to offer Sapiens' customers access to the widest range of innovative solutions, particularly focusing on the Property & Casualty (P&C) sector in EMEA and APAC markets.
The collaboration will see the integration of WTW's Radar Live with Sapiens' solutions, and the development of the Earnix Price-It Connector for Sapiens IDITSuite. This connector offers several key benefits to insurance companies, including:
- Real-time premium calculations and quote generation: Through a bidirectional data flow between Earnix and Sapiens IDITSuite, the connector allows for instant and accurate pricing decisions during policy issuance, endorsements, and renewals.
- Enhanced pricing sophistication: Leveraging Earnix's AI and predictive analytics, the connector helps align rates with risk, improving the accuracy and competitiveness of insurance pricing.
- Operational efficiency gains: By eliminating manual rate recoding and reducing related errors, the connector streamlines workflows and lowers operational costs.
- Accelerated implementation timelines: The connector allows insurers to quickly integrate advanced rating engines with existing Sapiens policy administration systems, enabling faster go-to-market for new products or pricing changes.
- Innovative rating strategies: Low-code tools within Earnix Price-It empower insurers to rapidly adjust pricing in response to market changes without heavy IT involvement.
- Improved business agility and profitability: By enabling insurers to respond swiftly to market demands with data-driven policy management and pricing decisions, the connector enhances overall business performance.
Roni Al-Dor, President and CEO at Sapiens, expressed pleasure about collaborating with Earnix on the development of this innovative connector. Robin Gilthorpe, CEO of Earnix, stated that the connector will empower insurers to integrate modern solutions into their existing technology stacks.
In addition to the collaboration with Earnix, Sapiens has expanded its Partner Network with four new strategic partnerships in the European market: Akur8, Shift, Soleadify, and Imburse. Sapiens has also joined WTW's Insurance Technology Partner Network.
A notable deployment of Sapiens' solutions includes BHSF, a UK health and wellbeing provider, which has chosen to deploy Sapiens Platform including Sapiens IDITSuite for Property & Casualty and Sapiens DigitalSuite.
The Earnix Price-It Connector is expected to unlock efficiency and value around rating engine flexibility and lifecycle policy processing, as well as unified claims and billing. Overall, this strategic integration represents a significant step towards modernizing insurance core systems, offering operational efficiency, pricing flexibility, and enhanced customer responsiveness for P&C insurers in EMEA and APAC markets.
[1] Sapiens International Corporation. (2022). Sapiens and Earnix Collaborate to Enhance Real-time Pricing for Insurers. [Online]. Available: https://www.sapiens.com/news/press-releases/sapiens-and-earnix-collaborate-to-enhance-real-time-pricing-for-insurers
[2] Earnix. (2022). Earnix Price-It Connector for Sapiens IDITSuite. [Online]. Available: https://www.earnix.com/solutions/earnix-price-it-connector-for-sapiens-iditsuite
[3] WTW. (2022). WTW and Sapiens Collaborate to Enhance Real-time Pricing for Insurers. [Online]. Available: https://www.willistowerswatson.com/en-GB/insights/2022/05/wtw-and-sapiens-collaborate-to-enhance-real-time-pricing-for-insurers
- The collaboration between Sapiens and Earnix will not only boost real-time pricing capabilities for insurers, but also contribute to the enhancement of overall wellbeing by offering advanced solutions tailored for the Property & Casualty (P&C) sector in EMEA and APAC markets.
- As part of their strategy to integrate innovative technology, BHSF, a UK health and wellbeing provider, has chosen to implement Sapiens' solutions, including the Earnix Price-It Connector, aiming to streamline finance operations and improve the competitiveness of their P&C insurance pricing.
