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28/03/2024 Insurance Innovation

About

Pricing decision intelligence software for specialty and commercial insurance

Innovation presentation

Each insurer, reinsurer and MGA faces a unique challenge — to turn its own and external data into insight they can use to drive decisions. In a complex, and ever-changing risk landscape, the ability to rapidly turn data into decisions is a critical competitive differentiator.

Top of mind for forward-looking (re)insurers is pricing. In a recent survey at GIRO 2022, the leading conference for actuaries in the UK, hyperexponential found that on average actuaries expect loss ratio improvements of at least 2.8% points through access to better data and models.

This provides an enormous opportunity to accelerate decision making. For too long the widespread use of legacy technology has limited the upside from pricing transformation projects. This is exacerbated in commercial and specialty lines due to the small, sparse and fragmented nature of datasets.

And though many recognise this issue, few have found a solution.

Enter: hx Renew.

Our innovation, a Pricing Decision Intelligence Software platform, is enabling insurers to capture, share and convert insights and in turn create simple choices for traditionally complex pricing decisions.

By leveraging insights from otherwise sparse and fragmented data, and incorporating it into their decision stack, insurers are empowered to find a previously unattainable edge.

We offer custom-built, scalable solutions that maximise confidence and clarity across the decision making process. From model development to getting from quote to bind, hx Renew is purpose-built to unlock novel decision making capabilities at every step of the pricing ecosystem. Ultimately, helping our customers target loss ratio improvements of 2% pts+.

Uniqueness of the project

We are unlike any solution provider in the market today.

Our competitors are typically large consultancies that offer pricing solutions that rely on proprietary software, requiring significant consulting hours to build and maintain — often taking months and inflating costs.

By contrast, our goal is to empower insurers to own their pricing system, allowing them to build and maintain models faster, without relying on IT. In most cases, models can be built in days and changes rolled out in hours at no additional cost, freeing up valuable actuarial and underwriter capacity and driving improvements to loss ratios.

hx Renew, our Pricing Decision Intelligence solution is open-source and can send and receive data by API — meaning it can be integrated into existing workflows to get companies up and running in days with no installation.

And because we’re hosted in the cloud, all changes are tracked automatically, giving you a clear decision trail for audit and compliance.

While other platforms promise to enable true pricing transformation, only we can deliver.

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