Earnix Wins “Best AI-based Solution for Insurance” Designation in International AI Breakthrough Awards Program

Prestigious Annual Awards Program Honors Standout AI and Machine Learning Solutions and Companies 

BOSTON - June 26, 2024 – Earnix, the leading global provider of AI-based SaaS solutions for financial services, today announced that it is has been selected as winner of the “Best AI-based Solution for Insurance” award in the seventh annual AI Breakthrough Awards program. AI Breakthrough is a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market. 

Earnix’s Model Accelerator is a web-based module that offers a “bring your own model” approach for intelligent decisioning in aligning risk and price in presenting new offers to market. It is the first tool to offer model, import build, and assist capabilities in one platform. An addition to Earnix Price-It, Model Accelerator enables insurers to bring in any model they develop and use it in production across pricing, underwriting, and rating.   

Model Accelerator’s open analytics capabilities streamline processes to use machine learning (ML) models in production and provide new techniques to build models faster such as Earnix Automatic GLM (AGLM) and hybrid modeling. Earnix AGLM applies different ML techniques behind the scenes and performs variable selection, binning of continuous variables, and interactions finding with nearly no intervention. Model Accelerator allows integration with the most used frameworks and format. It increases transparency and explainability, giving business, regulators, underwriting and pricing leaders a clear understanding of how models are used. It enables pricing, underwriting, and business professionals to understand the key variables driving predictions. It also explains how changes to those variables can affect predictions, so insurers can make more informed business decisions. 

“Effectively leveraging data helps our customers stay ahead of the pack while staying on-target in their risk-selection preferences. Model Accelerator was custom-built to help insurers overcome the complex manual processes required for creating models,” said Earnix CEO Robin Gilthorpe. “We will continue to enhance Model Accelerator to significantly reduce the complexity around interoperability of models and help insurers effectively reap the benefits of sophisticated modeling.”  

The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories, including Generative AI, Computer Vision, AIOps, Deep Learning, Robotics, Natural Language Processing, industry specific AI applications and many more. This year’s program attracted over 5,000 nominations from over 20 different countries.  

“Model Accelerator empowers insurers to take sophisticated modeling to the next level. Insurance leaders recognize the potential of AI but have been slow to adopt due to difficulty importing external models, the manual processes required to build them as well as the lack of flexibility in machine learning model development due to software and time constraints,” said Steve Johansson, managing director, AI Breakthrough. “Model Accelerator was purpose-built to address these challenges. Insurers can future-proof their business regardless of regulatory changes, with the agility to pivot easily with market changes.” 

For more information on Earnix’s solutions for the insurance industry click here.  

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About Earnix 

Earnix is the premier provider of mission-critical, cloud-based intelligent solutions across pricing, underwriting, rating, and product personalization. These fully integrated solutions provide ultra-fast ROI and are designed to transform how global insurers and banks are run by unlocking value across all facets of the business. Earnix has been innovating for insurers and banks since 2001, with customers in over 35 countries across six continents and offices in the Americas, Europe, Asia Pacific, and Israel. 

Contact Earnix via LinkedIn, X, and Facebook. Read the Earnix blog. 

About AI Breakthrough 

Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AI Breakthrough Awards program is devoted to honoring excellence in Artificial Intelligence technologies, services, companies and products. The AI Breakthrough Awards provide public recognition for the achievements of AI companies and products in categories including Generative AI, Machine Learning, AI Platforms, Robotics, Business Intelligence, AI Hardware, Computer Vision and more. For more information visit AIBreakthroughAwards.com. 

Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.