Quick Overview
- 1#1: Earnix - Delivers AI-powered dynamic pricing optimization and product personalization for insurers to maximize revenue and profitability.
- 2#2: Akur8 - Provides machine learning-based pricing models that enable insurers to build, validate, and deploy accurate price elasticity models rapidly.
- 3#3: Guidewire - Offers a robust rating management engine integrated with policy administration for flexible and scalable insurance pricing.
- 4#4: Duck Creek - Powers configurable rating engines and real-time pricing within its comprehensive insurance suite for P&C carriers.
- 5#5: Verisk - Supplies advanced analytics, data, and rating solutions to enhance insurance pricing accuracy and risk assessment.
- 6#6: SAS - Delivers analytics and AI-driven tools for sophisticated insurance pricing, predictive modeling, and scenario analysis.
- 7#7: Sapiens - Provides integrated insurance platforms with advanced rating and pricing capabilities for life, P&C, and reinsurance.
- 8#8: FIS Prophet - Offers actuarial modeling software for insurance pricing, reserving, and stochastic simulations across product lines.
- 9#9: Moody's RMS - Provides catastrophe risk modeling essential for accurate property and casualty insurance pricing and reinsurance.
- 10#10: PolySystems - Specializes in actuarial systems for life insurance pricing, product development, and financial projections.
Tools were selected based on technical depth (including AI, machine learning, and analytics capabilities), reliability, user-friendliness, and their ability to deliver measurable value across P&C, life, and reinsurance segments, ensuring they meet the evolving demands of modern insurance practices.
Comparison Table
Insurance pricing software is critical for carriers to optimize rates and manage risk efficiently. This comparison table explores top tools like Earnix, Akur8, Guidewire, Duck Creek, Verisk, and more, equipping readers to assess features, scalability, and industry focus to select the best fit.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Earnix Delivers AI-powered dynamic pricing optimization and product personalization for insurers to maximize revenue and profitability. | specialized | 9.7/10 | 9.9/10 | 8.4/10 | 9.3/10 |
| 2 | Akur8 Provides machine learning-based pricing models that enable insurers to build, validate, and deploy accurate price elasticity models rapidly. | specialized | 9.2/10 | 9.5/10 | 8.8/10 | 8.7/10 |
| 3 | Guidewire Offers a robust rating management engine integrated with policy administration for flexible and scalable insurance pricing. | enterprise | 8.7/10 | 9.2/10 | 7.4/10 | 8.1/10 |
| 4 | Duck Creek Powers configurable rating engines and real-time pricing within its comprehensive insurance suite for P&C carriers. | enterprise | 8.3/10 | 9.1/10 | 7.4/10 | 8.0/10 |
| 5 | Verisk Supplies advanced analytics, data, and rating solutions to enhance insurance pricing accuracy and risk assessment. | enterprise | 8.4/10 | 9.2/10 | 7.1/10 | 8.0/10 |
| 6 | SAS Delivers analytics and AI-driven tools for sophisticated insurance pricing, predictive modeling, and scenario analysis. | enterprise | 8.2/10 | 9.1/10 | 6.8/10 | 7.4/10 |
| 7 | Sapiens Provides integrated insurance platforms with advanced rating and pricing capabilities for life, P&C, and reinsurance. | enterprise | 8.2/10 | 8.7/10 | 7.4/10 | 7.9/10 |
| 8 | FIS Prophet Offers actuarial modeling software for insurance pricing, reserving, and stochastic simulations across product lines. | enterprise | 8.2/10 | 9.1/10 | 6.4/10 | 7.6/10 |
| 9 | Moody's RMS Provides catastrophe risk modeling essential for accurate property and casualty insurance pricing and reinsurance. | enterprise | 8.4/10 | 9.3/10 | 6.7/10 | 7.6/10 |
| 10 | PolySystems Specializes in actuarial systems for life insurance pricing, product development, and financial projections. | specialized | 8.1/10 | 9.2/10 | 6.8/10 | 7.6/10 |
Delivers AI-powered dynamic pricing optimization and product personalization for insurers to maximize revenue and profitability.
Provides machine learning-based pricing models that enable insurers to build, validate, and deploy accurate price elasticity models rapidly.
Offers a robust rating management engine integrated with policy administration for flexible and scalable insurance pricing.
Powers configurable rating engines and real-time pricing within its comprehensive insurance suite for P&C carriers.
Supplies advanced analytics, data, and rating solutions to enhance insurance pricing accuracy and risk assessment.
Delivers analytics and AI-driven tools for sophisticated insurance pricing, predictive modeling, and scenario analysis.
Provides integrated insurance platforms with advanced rating and pricing capabilities for life, P&C, and reinsurance.
Offers actuarial modeling software for insurance pricing, reserving, and stochastic simulations across product lines.
Provides catastrophe risk modeling essential for accurate property and casualty insurance pricing and reinsurance.
Specializes in actuarial systems for life insurance pricing, product development, and financial projections.
Earnix
specializedDelivers AI-powered dynamic pricing optimization and product personalization for insurers to maximize revenue and profitability.
Causal ML Price Optimizer that accurately simulates pricing impacts and adapts in real-time without historical biases
Earnix is an AI-powered pricing and optimization platform tailored for the insurance industry, enabling dynamic pricing, rate optimization, and personalized product offerings. It leverages machine learning to analyze vast datasets, simulate pricing scenarios, and continuously improve profitability while managing risk. The solution integrates seamlessly with core insurance systems, supporting property & casualty, life, and health lines with tools for reinsurance optimization and A/B testing.
Pros
- Advanced AI/ML for real-time price optimization and personalization
- Proven ROI with causal modeling and continuous learning capabilities
- Comprehensive suite including reinsurance and testing tools
Cons
- Enterprise-level pricing can be costly for smaller insurers
- Steep initial learning curve for non-technical users
- Requires robust data infrastructure for full potential
Best For
Large P&C and life insurance carriers seeking enterprise-grade dynamic pricing to maximize revenue and competitiveness.
Pricing
Custom enterprise pricing, typically starting at $100K+ annually based on scale and modules; contact for quote.
Akur8
specializedProvides machine learning-based pricing models that enable insurers to build, validate, and deploy accurate price elasticity models rapidly.
Glassbox ML for fully transparent, actuarial-grade machine learning models that mimic GLM interpretability
Akur8 is a SaaS platform designed for insurance companies to build, deploy, and monitor transparent machine learning pricing models without requiring deep data science expertise. It leverages proprietary Glassbox ML technology to generate interpretable models that actuaries can understand, tweak, and get regulatory approval for. The tool automates the entire pricing lifecycle, from data ingestion to production deployment, enabling faster market responsiveness and improved profitability.
Pros
- Transparent Glassbox ML models ensure regulatory compliance and actuarial oversight
- Rapid model deployment reduces pricing cycle times from months to days
- Seamless integration with existing actuarial tools and data sources
Cons
- Custom pricing can be steep for smaller insurers
- Steeper learning curve for teams new to ML concepts
- Primarily focused on pricing, lacking broader policy administration features
Best For
Mid-to-large insurers seeking to modernize pricing with explainable AI while empowering actuaries over data scientists.
Pricing
Custom enterprise pricing based on lines of business and usage; typically starts at $50K+ annually—contact sales for demo and quote.
Guidewire
enterpriseOffers a robust rating management engine integrated with policy administration for flexible and scalable insurance pricing.
Configurable Gosu-based rating engine enabling complex, real-time multivariate models and ML integrations without custom coding.
Guidewire provides enterprise-grade insurance software through its InsuranceSuite platform, with advanced pricing and rating capabilities via Guidewire Rating and PolicyCenter integrations. It enables insurers to build and manage complex, multivariate rating models, dynamic pricing rules, and actuarial integrations for property and casualty lines. The solution supports real-time pricing adjustments and scales to handle high-volume transactions for large carriers.
Pros
- Highly scalable rating engine for enterprise volumes
- Sophisticated support for multivariate and rules-based pricing
- Seamless integration with core policy administration and analytics
Cons
- Steep implementation timeline and complexity
- High cost prohibitive for mid-market insurers
- Requires specialized expertise for configuration
Best For
Large property and casualty insurers needing integrated, high-performance pricing within a full core systems suite.
Pricing
Custom enterprise licensing; annual costs often exceed $1M+ based on modules, users, policies, and cloud deployment.
Duck Creek
enterprisePowers configurable rating engines and real-time pricing within its comprehensive insurance suite for P&C carriers.
Advanced rules-based rating engine with low-code configuration for rapid pricing model updates and multi-jurisdictional compliance
Duck Creek is a leading SaaS platform for property and casualty (P&C) insurance, featuring a powerful rating engine that handles complex premium calculations, actuarial tables, and rules-based pricing models. It integrates seamlessly with other Duck Creek modules like policy administration and billing for end-to-end operations. The solution supports multi-state, multi-line rating with high scalability, making it ideal for dynamic insurance pricing needs.
Pros
- Highly configurable rating engine for complex P&C pricing scenarios
- Cloud-native scalability handling high-volume quote processing
- Strong integration with Duck Creek's full insurance suite
Cons
- Steep learning curve for configuration and customization
- High cost unsuitable for small insurers
- Primarily focused on P&C, less flexible for other insurance lines
Best For
Mid-to-large P&C insurers seeking enterprise-grade, integrated pricing within a comprehensive policy management ecosystem.
Pricing
Custom enterprise subscription pricing, typically starting at $100K+ annually based on users, volume, and modules; quotes required.
Verisk
enterpriseSupplies advanced analytics, data, and rating solutions to enhance insurance pricing accuracy and risk assessment.
Proprietary global risk datasets spanning decades of claims and telematics for unmatched pricing granularity
Verisk offers comprehensive insurance pricing software through platforms like Rating as a Service (RaaS) and predictive analytics tools, enabling insurers to build dynamic pricing models using vast proprietary datasets on risks, claims, and market trends. It integrates machine learning, actuarial modeling, and real-time data for personal, commercial, and specialty lines to optimize premiums and profitability. The solution supports both rule-based rating engines and advanced AI-driven pricing strategies for competitive underwriting.
Pros
- Unmatched depth of proprietary insurance data for precise risk pricing
- Advanced ML and catastrophe modeling for predictive accuracy
- Seamless API integrations with policy administration systems
Cons
- Complex implementation requiring significant IT resources
- High costs prohibitive for small insurers
- Steep learning curve for non-technical users
Best For
Large insurance carriers and reinsurers needing data-intensive pricing optimization at scale.
Pricing
Enterprise custom pricing, typically annual subscriptions starting at $100K+ based on data volume, users, and modules.
SAS
enterpriseDelivers analytics and AI-driven tools for sophisticated insurance pricing, predictive modeling, and scenario analysis.
SAS Intelligent Decisioning for automated, real-time pricing optimization using AI-driven elasticity and scenario modeling
SAS provides a robust analytics platform tailored for insurance pricing, leveraging advanced statistical modeling, machine learning, and AI to develop precise risk-adjusted pricing models. It supports generalized linear models (GLMs), price elasticity analysis, and portfolio optimization to help insurers balance competitiveness and profitability. The solution integrates with big data sources for real-time pricing decisions and scenario testing.
Pros
- Exceptional advanced analytics and ML capabilities for complex pricing models
- Highly scalable for enterprise-level insurance operations
- Strong integration with data lakes and real-time processing
Cons
- Steep learning curve requiring SAS programming expertise
- High implementation and customization costs
- Less intuitive interface compared to modern low-code alternatives
Best For
Large insurance carriers with dedicated data science teams needing sophisticated actuarial and optimization tools.
Pricing
Enterprise licensing with custom pricing, typically starting at $100,000+ annually depending on deployment scale and modules.
Sapiens
enterpriseProvides integrated insurance platforms with advanced rating and pricing capabilities for life, P&C, and reinsurance.
AI-driven dynamic pricing engine that adapts in real-time to market data and risk factors
Sapiens offers a comprehensive insurance software platform, with its pricing capabilities integrated into the Sapiens CoreSuite for property & casualty and life & annuities lines. The solution features a powerful rating engine that supports complex rules-based pricing, actuarial modeling, and real-time adjustments. It enables insurers to optimize premiums through data analytics and predictive modeling while ensuring compliance across multiple regions.
Pros
- Highly flexible rating engine for complex pricing scenarios
- Seamless integration with policy administration and analytics tools
- Strong support for regulatory compliance and multi-line insurance
Cons
- Steep learning curve for configuration and customization
- Enterprise-level pricing may be prohibitive for smaller insurers
- Limited standalone use without broader Sapiens suite adoption
Best For
Mid-to-large insurers seeking an integrated end-to-end platform with advanced pricing optimization.
Pricing
Custom enterprise licensing starting at $500K+ annually, based on modules, users, and deployment scale; contact for quote.
FIS Prophet
enterpriseOffers actuarial modeling software for insurance pricing, reserving, and stochastic simulations across product lines.
GPU-accelerated stochastic simulations in Prophet Ultimate for ultra-fast risk and pricing projections
FIS Prophet is a powerful actuarial modeling platform from FIS Global, primarily used by insurance companies for pricing, reserving, asset-liability management, and risk assessment across life, health, annuities, and pensions. It supports deterministic and stochastic simulations with high precision, enabling accurate product pricing based on complex financial and demographic assumptions. The software integrates with enterprise systems for streamlined actuarial workflows and regulatory reporting.
Pros
- Exceptional stochastic modeling for precise pricing of complex products
- Robust integration with FIS ecosystem and regulatory compliance tools
- Scalable for enterprise-level simulations and scenario testing
Cons
- Steep learning curve requiring specialized actuarial expertise
- Outdated user interface compared to modern SaaS alternatives
- High implementation and customization costs
Best For
Large life and annuity insurers needing advanced actuarial modeling for sophisticated pricing strategies.
Pricing
Enterprise licensing with custom pricing; typically $100,000+ annually based on users, modules, and deployment scale.
Moody's RMS
enterpriseProvides catastrophe risk modeling essential for accurate property and casualty insurance pricing and reinsurance.
High-definition probabilistic cat models with billions of simulated events for hyper-realistic loss forecasting
Moody's RMS (rms.com) is a leading risk modeling platform specializing in catastrophe (cat) risk analytics for the insurance industry, enabling precise pricing of property and casualty policies through probabilistic simulations of natural disasters like hurricanes, earthquakes, and floods. It provides high-fidelity models, scenario analysis, and portfolio optimization tools to quantify potential losses and inform underwriting decisions. The software integrates vast historical and climate data with AI-driven insights for forward-looking risk assessment.
Pros
- Industry-leading high-definition catastrophe models with stochastic event sets
- Comprehensive integration of climate change and emerging risk factors
- Powerful portfolio analytics for optimizing pricing and capital allocation
Cons
- Steep learning curve requiring specialized expertise
- High implementation and licensing costs
- Primarily focused on P&C cat risks, less versatile for life or health pricing
Best For
Large property & casualty insurers and reinsurers needing advanced cat risk modeling for accurate premium pricing.
Pricing
Custom enterprise licensing; typically $250,000+ annually based on modules, users, and portfolio size.
PolySystems
specializedSpecializes in actuarial systems for life insurance pricing, product development, and financial projections.
GPU-accelerated scenario generator enabling billions of simulations in hours for precise pricing risk assessment
PolySystems is a comprehensive actuarial modeling platform tailored for property and casualty insurers, specializing in advanced pricing, reserving, and risk management tools. It enables actuaries to develop stochastic models, run millions of simulations via its high-performance scenario generator, and optimize pricing strategies with granular portfolio segmentation. The software supports both desktop and cloud-based deployments, facilitating integration with core insurance systems for enterprise-scale operations.
Pros
- Powerful stochastic modeling and GPU-accelerated simulations for rapid pricing analysis
- Extensive portfolio segmentation and pricing optimization capabilities
- Seamless integration with enterprise data warehouses and legacy systems
Cons
- Steep learning curve requiring actuarial expertise
- High implementation and licensing costs
- Interface feels dated compared to modern SaaS tools
Best For
Large P&C insurers with experienced actuarial teams seeking enterprise-grade modeling for complex pricing needs.
Pricing
Custom enterprise licensing, typically $500K+ annually depending on users, modules, and deployment scale.
Conclusion
In a landscape where precision, scalability, and innovation drive success, the top tools excel, with Earnix leading as the standout choice, leveraging AI-driven dynamic optimization and product personalization to maximize insurer revenue. Akur8 follows, offering rapid deployment of highly accurate ML-based price elasticity models, while Guidewire impresses with its integrated, flexible rating engine that scales effectively for diverse needs—each a strong pick in their own right.
To harness the power of tailored pricing strategies that boost profitability, start with Earnix, the top-ranked tool, and elevate your insurance operations.
Tools Reviewed
All tools were independently evaluated for this comparison