Czech CSOB Group chooses Earnix to implement personalized consumer products and rates

16 June 2021 — Daniela GHETU
CSOB Group, one of the largest banking and insurance institutions in the Czech Republic, has selected Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks, to integrate its analytical personalization system into the Czech insurer personal lines insurance offering.

CSOB Group is a leading bank-insurer in the Czech Republic. The company is a subsidiary of bank-insurance group KBC Group providing its services to all groups of clients, i.e., retail (individuals) as well as SME, corporate and institutional clients. CSOB Group offers its clients a wide range of banking and insurance products. With GWP worth EUR 140 million in 2020, the Group's life insurance unit, CSOB Pojist'ovna ranks 4th in the Czech life insurance market, holding an about 8% market share.

"CSOB Insurance has for several years improved competitive advantage through data and analytics. Earnix's personalization system is a milestone in how we will push CSOB Insurance further ahead of its competition as we now offer more tailored products and rates based on customers' various needs in a more sophisticated and analytically driven manner. CSOB Insurance is in a strong position to continue on its path to capture greater market share and meet revenue targets both immediately and in the long-term," Jiri Strelicky, CEO at CSOB Insurance commented.

Driven by cutting-edge analytics, artificial intelligence (AI) and machine learning (ML), Earnix's "Personalize-It" solution determines and delivers the optimum product bundle(s) for insurance customers, thereby making the purchasing experience highly personalized and increasing consumer satisfaction while improving conversion and retention rates.

"With our solution, CSOB Insurance can take personalization to a higher level while meeting business objectives and maintaining a competitive advantage in the market," said Udi Ziv, CEO at Earnix. "At a time when consumers are provided with dozens of insurance options, we empower insurers to position themselves as the best choice for consumers across global markets."

Earnix's single platform offering combines highly personalized products, dynamic pricing, and contextual engagement capabilities with the ability to operationalize data and offer dynamic pricing. By combining AI with proven analytical methodologies, Earnix's approach delivers robust personalization by adapting rates and products while considering competitor offerings and consumer demand. Its solution has been pre-configured for rapid integration within an insurer's existing tech infrastructure, further accelerating time-to-value.

Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers can provide prices and personalized products that are smarter, faster, safer and in full alignment with corporate business goals and objectives. Earnix's customers deliver over 1.4 billion quotes per year using Earnix's solutions, offering systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for Insurers and Banks since 2001 with offices in the Americas, Europe, Asia Pacific, and Israel.

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