Kingstone Insurance Partners with Earnix to Improve Pricing Sophistication and Speed to Market
Kingstone Insurance, the 15th largest homeowners insurance writer in New York, has partnered with Earnix to enhance its pricing capabilities and support strategic growth. The collaboration will enable Kingstone to utilize Earnix's cloud-based intelligent solutions featuring data-science, analytical modeling, and AI capabilities for more accurate pricing strategies.
The partnership provides Kingstone with a unified platform offering built-in governance, version control, and explainability, facilitating quick product roll-out and improved market responsiveness. Kingstone operates primarily in the Northeast region through retail and wholesale agents, actively writing personal lines and commercial auto insurance across multiple states.
Kingstone Insurance, il quindicesimo principale scrittore di assicurazioni per abitazioni a New York, ha stretto una partnership con Earnix per potenziare le proprie capacità di pricing e sostenere una crescita strategica. Questa collaborazione consentirà a Kingstone di utilizzare le soluzioni intelligenti basate sul cloud di Earnix, caratterizzate da scienza dei dati, modelli analitici e capacità di intelligenza artificiale per strategie di pricing più accurate.
La partnership fornisce a Kingstone una piattaforma unificata con governance integrata, controllo delle versioni e spiegabilità, facilitando un rapido lancio dei prodotti e una migliore reattività al mercato. Kingstone opera principalmente nella regione del Northeast attraverso agenti al dettaglio e all'ingrosso, scrivendo attivamente linee personali e assicurazioni auto commerciali in diversi stati.
Kingstone Insurance, el decimo quinto mayor proveedor de seguros para viviendas en Nueva York, se ha asociado con Earnix para mejorar sus capacidades de precios y apoyar el crecimiento estratégico. Esta colaboración permitirá a Kingstone utilizar las soluciones inteligentes basadas en la nube de Earnix, que incluyen ciencia de datos, modelado analítico y capacidades de inteligencia artificial para estrategias de precios más precisas.
La asociación proporciona a Kingstone una plataforma unificada que ofrece gobernanza integrada, control de versiones y explicabilidad, facilitando un rápido lanzamiento de productos y una mejor capacidad de respuesta al mercado. Kingstone opera principalmente en la región del noreste a través de agentes minoristas y mayoristas, redactando activamente líneas personales y seguros de auto comerciales en varios estados.
Kingstone Insurance는 뉴욕에서 15번째로 큰 주택 보험 제공업체로, Earnix와 협력하여 가격 책정 능력을 향상시키고 전략적 성장을 지원하고자 합니다. 이 협업을 통해 Kingstone은 데이터 과학, 분석 모델링 및 AI 기능을 갖춘 Earnix의 클라우드 기반 지능형 솔루션을 활용하여 더 정확한 가격 책정 전략을 수립할 수 있습니다.
이 파트너십은 Kingstone에게 통합 플랫폼을 제공하며, 통합된 거버넌스, 버전 관리 및 설명 가능성을 갖추고 있어 신속한 제품 출시 및 시장 반응성을 개선합니다. Kingstone은 주로 북동부 지역에서 소매 및 도매 대리를 통해 활동하며, 여러 주에서 개인 보험 및 상업용 자동차 보험을 적극적으로 작성합니다.
Kingstone Insurance, le quinzième plus grand assureur de logements à New York, s'est associé à Earnix pour améliorer ses capacités de tarification et soutenir sa croissance stratégique. Cette collaboration permettra à Kingstone d'utiliser les solutions intelligentes basées sur le cloud d'Earnix, comprenant des sciences des données, de la modélisation analytique et des capacités d'intelligence artificielle pour des stratégies de tarification plus précises.
Le partenariat fournit à Kingstone une plateforme unifiée offrant une gouvernance intégrée, un contrôle de version et une explicabilité, facilitant le lancement rapide de produits et une meilleure réactivité au marché. Kingstone opère principalement dans la région nord-est à travers des agents de détail et de gros, rédigeant activement des lignes d'assurance personnelle et des assurances automobiles commerciales dans plusieurs états.
Kingstone Insurance, der fünfzehntgrößte Anbieter von Hauseigentümerversicherungen in New York, hat sich mit Earnix zusammengetan, um seine Preisgestaltungsmöglichkeiten zu verbessern und strategisches Wachstum zu unterstützen. Diese Zusammenarbeit ermöglicht es Kingstone, die Cloud-basierten intelligenten Lösungen von Earnix mit Datenwissenschaft, analytischen Modellen und KI-Funktionen für genauere Preisstrategien zu nutzen.
Die Partnerschaft bietet Kingstone eine einheitliche Plattform mit integrierter Governance, Versionskontrolle und Erklärbarkeit, die eine schnelle Produkteinführung und verbesserte Marktreaktionsfähigkeit ermöglicht. Kingstone ist hauptsächlich in der Nordostregion tätig und arbeitet über Einzel- und Großhandelsvertreter, die aktiv persönliche Versicherungen und gewerbliche Kfz-Versicherungen in mehreren Bundesstaaten anbieten.
- Partnership with Earnix enhances pricing sophistication and market competitiveness
- Access to advanced AI and data-science capabilities for improved pricing accuracy
- Streamlined operations through unified platform implementation
- Faster product deployment capabilities
- None.
Insights
This strategic partnership with Earnix represents a significant technological advancement for Kingstone Insurance's pricing capabilities. The implementation of AI-driven pricing and underwriting solutions addresses a critical need in the competitive insurance market. The platform's unified approach to data management and pricing optimization could potentially lead to improved loss ratios and more precise risk assessment.
The integration of predictive modeling and automated pricing deployment should significantly reduce time-to-market for new products and pricing adjustments. For a regional insurer like Kingstone, which holds the 15th position in New York's homeowners insurance market, this technology investment could help defend and potentially expand market share against larger competitors. The focus on data-science-backed pricing decisions suggests a move toward more sophisticated risk assessment and competitive positioning.
KINGSTON, NY / ACCESSWIRE / November 26, 2024 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today announced that Kingstone Insurance has selected Earnix, a premier provider of mission-critical, cloud-based intelligent solutions across pricing, underwriting, rating, and product personalization, to enhance its pricing capabilities and support its strategic growth initiatives.
This partnership will enable Kingstone Insurance Company, the principal operating subsidiary of Kingstone and the 15th largest writer of homeowners insurance in New York, to leverage Earnix's modeling and pricing solutions backed by robust data-science, analytical modeling, and artificial intelligence ("AI") capabilities, allowing Kingstone to deliver more accurate pricing strategies by leveraging predictive modeling as well as improved implementation timelines.
Earnix's unified platform that serves as a single source of truth across all organizational roles, will benefit Kingstone by providing built-in governance, version control, and explainability. This integration will also enable quick product roll-out and empower Kingstone to make informed pricing decisions and respond swiftly to changing market dynamics.
Meryl Golden, Chief Executive Officer of Kingstone, stated, "Partnering with Earnix aligns perfectly with our long-term vision for growth and innovation. Their solutions will improve the efficacy of our pricing team's work, ensuring we remain ahead of the competition in a rapidly evolving market."
Robin Gilthorpe, Chief Executive Officer of Earnix, expressed enthusiasm about the partnership, saying, "We are proud to collaborate with Kingstone Insurance, a forward-thinking insurer committed to enhancing its pricing strategies. Our solutions will help Kingstone operationalize its strategic objectives, enabling them to maintain and expand their market presence."
This partnership marks a significant milestone for both companies, as they work together to drive innovation in the homeowner's insurance market.
Kingstone Companies, Inc.
Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2023 was the 15th largest writer of homeowners insurance in New York. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.
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.
Kingstone Investor Relations Contact:
Karin Daly
Vice President
The Equity Group Inc.
kdaly@equityny.com
Earnix Communications Contact:
Krystina Puleo
Global Director of External Communications
krystina.puleo@earnix.com
SOURCE: Kingstone Companies, Inc
View the original press release on accesswire.com
FAQ
What is the new partnership announced by Kingstone Insurance (KINS) in November 2024?
What is Kingstone Insurance's (KINS) market position in New York's homeowners insurance sector?
Which states does Kingstone Insurance (KINS) operate in?
