Earnix acquires Driveway
Software platform for pricing analytics and optimization used by insurance and retail banking organizations, Earnix , has acquired AI-powered telematics provider Driveway Software Corporation’s assets. The assets, including a telematics app, will serve as a cornerstone in establishing a “new and transformative offering” in Usage-Based Insurance (UBI) and Behavior-Based Insurance (BBI).
Driveway’s consumer telematics app will be integrated as a core component within Earnix’s UBI/BBI offering. “The new offering represents an innovative and fresh approach that empowers auto insurers to more efficiently manage the entire lifecycle for personalized telematics-based UBI/BBI through a mobile-centric engagement. Earnix’s UBI/BBI offering now has the full set of embedded capabilities necessary for carriers to anticipate and proactively address the needs of the changing market – data accuracy, driving risk models, driver engagement – resulting in a faster time-to-market for new offers, more accurate pricing through a deeper understanding of consumer behavior and risk as well as the ability to rapidly create and deploy contextualized and personalized offers.”
“As consumer expectations continue to evolve rapidly, insurers are under increasing pressure to provide offerings tailored to the needs of the market. As a result, the demand for UBI and BBI is helping to drive the revolution for personalized and real-time offers in insurance, providing carriers with the opportunity to differentiate themselves and create lasting customer value through relevant and timely engagement. Our powerful new solution incorporates intelligent telematics with the operational capacity and advanced analytics necessary for insurers to deliver rates and offerings in complete and precise alignment with the needs of their customers, each time.” – Udi Ziv, CEO at Earnix.
“People are more connected today than ever before, primarily through their mobile devices and as supported through their daily interactions as consumers. With this has come the expectation for insurance carriers to learn who their customers are, to retain this information in real-time and to anticipate their future needs. Combining a rich flow of driving insights via a proven telematics app fully embedded within Earnix’s powerful platform will provide insurers with the unique opportunity to strategically and accurately assign risk and present compelling usage and behavioral-based offerings to the market-leading to greater consumer engagement, satisfaction and long-term value.” – Marty Ellingsworth, a Senior Analyst at Celent, a leading research and advisory firm.
