New features include Stochastic Optimization and improved Automatic Variable Selection RAMAT GAN , Israel --(BUSINESS WIRE)-- Earnix , a leading provider of integrated pricing and customer analytics software for banks and insurers , today announced the release of Earnix version 6.5, the newest edition of the software designed to further enhance predictive analytics capabilities and improve customer lifetime value for banks and insurance companies. By combining predictive modeling and optimization with real-time connectivity to core operational systems, Earnix software empowers banks and insurance companies to bring the power of analytic-driven decisions to every customer interaction. Version 6.5 offers Stochastic Optimization , an innovative feature for the financial services industry that allows banks and insurers to build richer risk and demand models with non-deterministic variable behavior. Using Stochastic Optimization, companies can accurately simulate how their book of business will evolve over time by taking into account actions that a customer may (or may not) take in the future, such as refinancing or filing a claim. This capability enables banks and insurers to determine the optimal product and price needed for customers today, while taking into consideration the future value of these customers, in order to build long-term, mutually beneficial relationships. New features for Earnix version 6.5 also include: Automatic Variable Selection: As analysts are inundated with increasingly more variables and data, Automatic Variable Selection guides them in reviewing and evaluating the information at hand. Specifically, the feature provides more efficient loss cost and customer behavior modeling, as well as a means to easily identify the most meaningful variables. Weights in Pricing : Financial services companies are now able to more efficiently represent large amounts of data in the pricing process and make informed assumptions about their evolving mix of business such as the simulation of the future composition of different products and segments. “Version 6.5 will take banks and insurers a big step towards maximizing customer lifetime value,” said Barak Melnik , Earnix Vice President of Products and Business Development. “Today, when insurers and banks build risk and demand models, they have easy means of dealing with deterministic developments; for example, a policyholder’s age grows by one every year. However, Stochastic Optimization enables financial services companies to take into account both in modeling and optimization the more complicated developments of characteristics, such as the deferring frequencies by which people change cars, or the modification of coverage needs based on major life events. This ultimately helps insurers and banks to improve their profitability and growth in the hyper-competitive markets.” Added Melnik, “With the delivery of version 6.5, we continue our commitment to innovate and provide the most advanced analytics and pricing capabilities for the financial services industry. We look forward to rolling out additional new features and products for banks and insurers in the near future.” Earnix version 6.5 is available immediately worldwide. The software can be deployed on premise or accessed via a Cloud-based service. About Earnix Earnix Integrated Pricing and Customer Analytics software empowers financial services companies to predict customer risk and demand and their impact on business performance, enabling the alignment of product offerings with changing market dynamics. Earnix combines predictive modeling and optimization with real-time connectivity to core operational systems, bringing the power of analytic-driven decisions to every customer interaction. Banks and insurers rely on Earnix solutions to improve deposit, loan, and insurance policy offerings. For more information, visit www.earnix.com . Earnix Ltd. Aviv Cohen , VP of Marketing +972-3-753-8292 firstname.lastname@example.org Source: Earnix
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