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Canopius partners with hyperexponential to implement Renew for new and improved pricing models

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2022-09-21Written by Aisha Owolabi

hyperexponential (hx) are delighted to announce that leading insurer, Canopius, is the latest of a growing number of specialty insurers and reinsurers to adopt the Renew platform.

Canopius is a leading global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US.   

Before now, the insurer was successfully building pricing models using traditional tools; however, as the insurer grew larger, it became more apparent that these tools lacked the agility and flexibility that high-growth insurers require. After extensive research and evaluation, the Canopius team chose hx Renew. 

With hx Renew, the Canopius team will enjoy the following benefits:  

  • Seamless integration with multiple data sources and internal tools  
  • Faster development of new and improved models  
  • Real-time portfolio management and automated reporting  
  • Improved compliance management  

Ultimately saving time on manual processes, increasing overall business efficiency, and enhancing profitability.   

During the evaluation, the hx model development team worked with the Canopius actuaries to build a pricing model, demonstrating how hx Renew can save actuaries time and improve overall efficiency in the model development and management process.  

"One of the challenges of growing a broad, global, multi-platform (re)insurance business is ensuring that legacy systems do not limit our ability to move quickly and respond to new opportunities. hx Renew is a key part of our strategy to ensure our pricing capability remains ahead of our competition as we grow and evolve."

David Tribe, Canopius Group Head of Pricing

An important requirement of the Canopius team was that the platform was self-serve. Following a 2-day advanced training session, Canopius are now building and updating their models independently – enabling their actuarial team to work closely with the underwriters in ensuring the pricing models are exactly what they need to make smarter underwriting decisions.  

Learn more about hx Renew here. 

Interested in finding out more about hx?

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