Kingstone Insurance Partners with Earnix to Improve Pricing Sophistication and Speed to Market
Rhea-AI Summary
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.
Positive
- 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
Negative
- None.
News Market Reaction
On the day this news was published, KINS gained 6.26%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
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