Lloyds TSB Insurance has agreed to use price optimization software from Earnix Inc. to help employees offer real-time quotes.
Earnix, of Ramat Gan, Israel, said Wednesday that the Lloyds TSB Group unit will implement its Optimizer application to price insurance products through its general insurance unit and its brokerage service.
The Optimizer software can evaluate a broad range of data about market conditions and potential and current customers to determine how much they will pay for specific products, allowing Lloyds employees at call centers, branches, and online, to offer prices that maximize revenue.
Lloyds said it tested the software extensively, and Earnix said in a press release that early results showed "substantial and quantifiable benefits."
The software "enables us to optimize pricing for our entire portfolio of branch network customers and for our broker business, including real-time quotes for new business, mid-term adjustments, and renewals," Phil Loney, the managing director of Lloyds TSB Insurance, said in an Earnix press release.