Earnix, a global technology company offering intelligent decisioning SaaS solutions for regulated sectors such as insurance and banking, has unveiled a new tool aimed at transforming the regulatory rate filing process for insurers.
The newly introduced Filing Accelerator is designed to streamline the creation of filing documentation required for submitting proposed rate changes to insurance departments in North America.
It also supports internal audits and compliance reviews, helping insurers reduce time, complexity and the potential for costly filing errors.
Earnix specialises in providing data-driven, AI-powered pricing and product personalisation solutions. Its flagship platform, Price-It, is widely used across insurance and banking to optimise pricing, underwriting and customer interactions through real-time decisioning.
The Filing Accelerator extends the functionality of Earnix Price-It by offering a no-code, user-friendly interface that allows filing teams, state product managers and pricing teams to efficiently generate regulatory documentation.
This enables faster speed-to-market for rate changes while maintaining compliance and minimising risk.
The platform integrates pricing models, production rates and filing documentation in one cohesive system, significantly reducing discrepancies between filed and live rates.
The new capability also creates a detailed log of all generated documents, enhancing traceability and transparency throughout the regulatory filing process. Earnix reports that some customers have already reduced filing error rates to less than 0.5% with the use of its platform.
This move comes in response to data from the Earnix 2024 Industry Trends Report, which revealed that nearly half of industry respondents had incurred regulatory fines or issued refunds due to filing errors.
Prior to using Earnix, some insurers were losing hundreds of thousands to millions of dollars annually from such issues and were spending substantial resources on internal documentation efforts.
Earnix chief product officer Be’eri Mart said, “In the Earnix 2024 Industry Trends Report, nearly half of respondents said their companies had to pay regulatory fines or issue refunds due to errors. We’ve also heard from insurers that, before implementing Earnix, filing errors were costing them hundreds of thousands to millions of USD in fines or refunds each year, and they were spending significant time preparing documentation to support internal pricing change discussions. Filing Accelerator improves accuracy and efficiency, allowing our customers to focus on product innovation and bring rate changes to market faster and with greater precision.”
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