Israeli fintech startup Earnix is out to change the face of insurance. Its key development is in creating artificial intelligence (AI) software that facilitates personalized offerings, processing a wide array of data quickly to provide tailored product recommendations and quotes. The company’s early commitment to fostering highly personalized offers in a fast-paced and booming industry has since been supported by dominant trends in the market, and its recognition is coming in.
Founded in 2001, the company has been recognized by CB Insights as the “Market Leader for Predictive Analytics for Property & Casualty Insurers,” as well as one of “11 Insurtechs to watch In 2021” by P&C 360. Adding to this, Earnix has just achieved unicorn status after a recent funding round affirming the company’s growth trajectory. Led by Insight Partners alongside existing investors JVP, Vintage Partners, and Israel Growth Partners, the company raised $75 million, earning a pre-money valuation of $1 billion. Speaking on the investment, Jonathan Rosenbaum, principal at Insight Partners said, “Customers across insurance and banking have a strong mandate to adopt new technologies and related processes so as to remain competitive.”
Combining innovative AI technology with advanced analytics, Earnix generates customized offers that are targeted to the needs of the client at the moment of inquiry. Hosted in the cloud, the company’s products offer agile processes, robust automation, and strong governance in alignment with business objectives. This immediately solves the issues faced by modern banks and insurers who are placed under the pressure of needing to find increasingly smarter and quicker ways to tailor rates and products to their customer’s needs while processing large amounts of data to do so. Earnix’s AI solution to streamlining this is an innovation that will massively change the industry.
The company shared that the new funding will fuel Earnix’s global expansion into new market segments and regions, increase investment in product innovation, increase employees, support merger and acquisition activities, and help it to better meet the needs of the rapidly changing market. Currently the company has offices in North America, Europe, Asia Pacific, and Israel with a goal to deepen growth in current territories, while expanding beyond. Udi Ziv, CEO at Earnix is confident about the company’s growth. “This is just another testament to both the power and differentiation of our existing product offering, with its unique and innovative capabilities and the untapped potential in further driving the success of our clients globally,” he said.
The funding round confirms the value of Earnix’s differentiated, and true SaaS product as one that can and will bring transformational value to insurance and banking through its ability to bridge the gap between financial institutions and the needs of their customers.