Case Study: Electric Insurance achieves smarter pricing and growth with Earnix

Energizing traditional Auto Insurance with Pricing Analytics An Electric Insurance

Electric Insurance, a national auto insurer serving GE employees and other customers across the U.S., needed a more sophisticated pricing approach to support growth. The company faced the challenge of creating and maintaining personal lines rates in all 50 states, generating accurate GLMs with limited internal data, and better predicting the impact of rate changes on renewals and new business. To address these needs, it turned to Earnix and the Earnix Auto Insurance Solution, along with ISO Risk Analyzer data.

Earnix helped Electric Insurance combine consortium-based ISO data with the insurer’s own historical data to build more accurate loss cost GLMs and demand models. Electric Insurance also enriched its models with homeowner policy and competitive pricing data, and its team was trained to independently generate future models using Earnix software. As a result, the insurer improved its pricing sophistication, gained the ability to forecast market impact by state, and reinvented its rate-setting process to better reflect loss and market conditions.

Electric Insurance

Gerard McCarthy

Chief Underwriting Officer and Senior Vice President