In a world where we are in need of support from different platforms to bloom, in a financing round led by Insight Partners, Israeli startup Earnix Ltd., assisting insurers to deliver customised financial products and banks by utilising advanced analytics, was valued at $1 billion as per 1bsolomon the timesisrael.
The company is doing so well, which has made many interested in investing. It can be seen by the fact that in Earnix’s first new round of fundraising since 2017, the entity was able to raise the company’s total capital to over $100 million and, in the addition, the existing investors Jerusalem Venture Partners, Vintage Investment Partners, and Israel Growth Partners joined the New York firm, propelling Earnix to unicorn status in a $75 million round.
The idea behind Earnix is to use artificial intelligence and analytics to help its customers create customised rates and products. It was also circulated that businesses would also utilise the fresh money to expand themselves abroad, develop new products, and support deals. Earnix now has operations in the United States, Europe, and Australia, despite the fact that it was founded only a few years ago in 2001.
This industry has waited so long for the change, and with its strategical moves, it has grown so fast and nicely. Erel Margalit, the founder of Jerusalem Venture Partners and the new chairman of Earnix, spoke with once said that “The business has grown to the point where this was a pre-IPO round,” and added that “This is an industry waiting for change for a long time.” It has been looking for a platform that is both AI and dynamic.
Lemonade Inc., Hippo Insurance, and Next Insurance are among the fast-growing insurance and financial technology startups with Israeli roots.
The world always keeps an eye on this industry’s movements as its growth amazes everyone. Israeli entrepreneurs reported to Start-Up Nation Central, a non-profit group that follows Israel’s digital economy, that they received a record $1.44 billion in January, with a half-dozen firms reporting investment rounds of at least $100 million.
The hard work and on-the-spot planning of the company has earned well-known clients, and it is confirmed by Earnix Chief Executive Officer Udi Ziv that his company has well-known clients like NatWest Group Plc and Liberty Mutual and plans to grow its employment from roughly 200 people at the beginning of 2021 to 350 by the end of the year. He proudly added that they are growing quickly and are going full throttle on expansion with regards to personnel internationally.
Fintech startupEarnix is also quoted as a unicorn, as even in its startup time the company was valued at $1 billion and over. They are a developer of artificial intelligence software that allows banks and insurers to personalise offerings to customers, and have raised $75 million from investors, at a pre-money valuation of $1 billion.
The investment round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners joining the round.
This new funding will give Earnix a platform to showcase their work worldwide and global expansion into new market segments and regions, increase investment in product innovation, increase the number of employees, and support merger and acquisition activities to better meet They are preparing themselves to cater to the needs of a rapidly changing market.
Earnix is a cloud-based platform that combines AI with advanced analytics that does modelling and simulations and enables banking and insurance clients to give highly personalised price and product offerings to their customers in real time. It is needed by both insurers and banks to respond to consumers who require rates and products that are suitable to their needs in a smarter and faster way. For that matter, banks and insurance firms need to automatically process huge amounts of data for their help.
Earnix was recognised by New York-based data firm CB Insights as the “Market Leader for Predictive Analytics for Property & Casualty Insurers” and has been named one of the “11 Insurtechs to Watch in 2021” by P & C 360.
They assure their ability to meet a broad range of industry needs and to deliver the best personalised rates and products to every customer, every time, and that the investment will accelerate the reach and impact of the company’s business. This is also being confirmed by Udi Ziv, CEO at Earnix. The has sailed around in the international market as their firm has offices in North America, Europe, Asia Pacific and Israel.
Jonathan Rosenbaum, principal at Insight Partners, explained that customers across insurance and banking have a strong mandate to adopt new technologies and related processes so as to remain competitive. The software as a service product offered by Earnix “is uniquely positioned to capture this demand to the benefit of their customers and the end consumers.”
Erel Margalit, chairman of Earnix and founder and executive chairman of JVP has explained that Earnix, is targeting and has a vision to transform the insurance and banking industries, providing the muscles and the brains for insurance and banking, as they move to real-time quotes and personalized products.
Earnix has enabled us to rethink how we use data and apply it to customer relationships. The person we talk about today won’t be the person they are in 10 years. Earnix actually talks about being a helping hand to become more sophisticated in serving the long-term customer journey. Earnix has capabilities that can help you quickly implement new capabilities, actualize new strategies, and accelerate growth.
The company is all about enabling clients to get the best value out of their products by extending the value of Earnix products with advanced capabilities from partner companies. It is part of their client’s commitment to deliver competitive advantages and superior results every time.