Five ways hx Renew helps pricing actuaries build better pricing tools
Empowering actuaries to build smarter pricing models, 10x faster
hx Renew gives pricing actuaries the tools, frameworks, and data access needed to create and deploy stronger pricing models in a fraction of the time. It bakes in regulatory controls and seamless feedback loops for smoother collaboration with underwriters.
Challenges for pricing actuaries
Building, deploying and making changes to models takes time
The development of effective pricing models necessitates multiple iterations to bring tangible value to underwriting and portfolio management. However, the presence of legacy technologies often acts as a constraint, impeding substantial impact on business operations.
Hard to assess business level performance
Actuaries are tasked with operationalizing the bigger picture view on risks, but integrating data from disparate sources and responding to an ever-evolving risk landscape makes building portfolio level reporting and analysis extremely challenging.
Difficult to enforce consistency and best practices
Robust governance frameworks and collaborative efforts are necessary to ensure adherence to business guidelines, standardize methodologies, and effectively share knowledge across teams. However, these efforts can be time-consuming and detract from core actuarial work.
Build reliable models at speed
Out-of-the-box and reusable components
Two-click tool deployment and refinement
Automated database creation
Enable portfolio-level analysis
Real-time rate change monitoring
Live portfolio-level dashboards
Support for what-if scenario analysis
Control consistency and quality
Built-in model versioning and audit trails
Automate batch testing and regression checks
Embed peer reviews and exposure breach monitoring
“We have found hx Renew to be an excellent pricing and underwriting tool. The Python development environment is intuitive and comes with a load of pre-built insurance features – a big step forward from spreadsheet models which took up a lot of actuarial time to maintain.”
Samantha Tanner | Chief Actuary, SCOR
“hx Renew has transformed model development. We are now able to build better models in weeks, which would have taken months in Excel.”
George Murphy | Pricing Manager, Antares
You heard it here first
Research, news, and opinions to help insurers make intelligent decisions
- Read more→
- Read more→
Four key challenges facing the specialty insurance industry
- Read more→
Top insurance industry trends for 2023
