The engine will serve as Co-operators’ production rating solution for homeowners’ insurance. Co-operators is now set to further enhance its operations by utilising Earnix’s Ready for Guidewire accelerator, streamlining the delivery of future lines of business through a unified pricing and rating platform.
Amélie Beauregard, vice president of home and auto pricing at Co-operators, said: “Agility is crucial to staying competitive in today’s rapidly changing market – the right tools and solutions can significantly impact our success in doing so. 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 long-standing customer of Earnix since 2015. After eight years of successfully leveraging Earnix for modelling and analytical pricing, this new implementation, which includes an enhanced rating engine, will allow Co‑operators to fully benefit from Earnix’s single native platform. This all-in-one solution is designed to drive pricing, customer acquisition, retention, revenue, and profitability.
Earnix’s Ready for Guidewire accelerator integrates the PolicyCenter and Earnix systems, offering both efficiency and flexibility across most property and casualty (P&C) lines of business. According to Deloitte Canada, the accelerator will lead to significant reductions in the effort required to deliver new externalised ratings to the market. By externalising cloud rating, the platform ensures pricing remains agile and flexible, unbound by the constraints of aligning pricing changes with an information system’s schedule. This agility enables quick and precise responses to market demands and operational needs, while also leveraging advanced analytics for improved pricing accuracy and optimised profitability.
Robin Gilthorpe, chief executive of Earnix, added: “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. Co-operators’ selection of Earnix’s rating solution demonstrates their forward-thinking approach to leveraging and deriving meaningful value from technology.”
