UK-based insurtech Earnix has added a new machine learning-driven underwriting solution to its Intelligent Insurance Operations product suite.

Underwrite-It automates decisions and enables underwriters to update rules and models “without burdening IT,” Earnix says. It combines a standard rules-based approach with advanced machine learning and simulation.

Earnix has customers in over 30 countries and provides real-time AI-driven rating, dynamic pricing, product personalisation, and telematics solutions.

Earnix says traditional underwriting solutions lack the modern analytical, simulation and agility tools needed to maximise the value of underwriting decisions, and this leads to “missed opportunities and higher risk”.

Underwriters are typically stuck with complex, rules-based decision-making and changes can take months to implement, it says, with underwriting usually “siloed from pricing and rating” instead of integrated and working together.

“It is crucial that staff underwriters are able to break away from legacy approaches,” VP Product Yaron Lavie said. "The full power of analytics allows underwriters to have a fast and direct impact on rules and make fast and well-informed decisions.”