Gore Mutual Insurance Partners with Earnix to Improve Analytic Agility and Speed Time to Market
Gore Mutual , a Canadian mutual insurance company that has provided community protection to personal and business customers for over 175 years , has partnered with Earnix to provide the best service possible to their broker network and customers . As part of an initiative to better understand their end customers and improve responsiveness to a constantly changing market , Gore has partnered with Earnix to continually improve analytical processes and better operationalize the speed of rate deployment to the marketplace .
Analytical Process Improvement . Gore traditionally has done risk and demand modeling , in order to understand customer propensities and exposure and determine the appropriate costs of risk transfer . As Gore has advanced to managing this modeling process holistically , through the use of an end to end data management , analytics , and pricing platform , they have realized the ability to understand their customers at an even deeper level . Gore utilizes predictive analytics to derive insight from the information that they receive , and in turn support the effective underwriting of risk accepted . Understanding and applying risk and demand thresholds to customer segments enables a more effective insurance transaction for all stakeholders .
Speed Rate Deployment . Managing the rate deployment process at organizations like Gore requires accounting for many variables . Price changes must be made , approval and governance of changes must be received , and proposed changes must then be deployed to the market . Gore knew that only an end to end system with real time rating engine capabilities , integration to touchpoints such as core and policy admin systems , and the ability to monitor rate change performance would be the best solution for them .
Gore has turned to Earnix as a partner to provide an end to end pricing and personalization platform , which takes their operationalization of analytics to the next level . Earnix will provide a real time rating engine that is connected to all of Gore ’ s core platforms – including policy admin systems in the back office , and customer interaction systems in the front office . The ability to develop , execute , monitor , and refine multiple pricing structures and strategies with high performance and reliability allows for improved governance and control . For Gore , the capability to deploy rates and rate changes in real time allows the pricing process to be operationalized very quickly .
As Gore works to distribute these analytic and time to market improvements across the business , many other future advancements are being considered as well . Machine learning tools and capabilities are being researched , as a way to automate processes and understand their customer base even further . Being able to use the Earnix rating engine capabilities to take any analytical model developed by any tool and use it in a real time manner is also an exciting possibility . The partnership between Earnix and Gore is creating a strong foundation for future advancements , including the use of analytics and personalization in every project that Gore undertakes .