Value-driven MGAs: 5 advantages of hx Renew


6 minutes

Every MGA would love to spend less time on admin and more delivering value. Learn how hx Renew can help with that.

In today’s world, being able to react quickly to the rapidly changing market is a business imperative for MGAs. hx Renew empowers MGAs with the speed, intelligence and confidence to better enable their underwriting teams – and the benefits don’t stop there. In this ebook, we take you through five use cases of how hx Renew enables modern MGAs to transform the way they work, spending less time on admin and more time underwriting.

1. Eliminating underwriter rekeying

Most underwriters wish they didn’t have to rekey data from brokers, and other third parties, into multiple internal systems – let alone into a system which is harder to use than the Excel spreadsheet it was designed to replace! It means long quote times, and too much effort spent on admin and data entry rather than on what they are best at - risk selection, pricing negotiations and customer/broker relationship management.

hx Renew seamlessly integrates with internal systems and underwriter workbenches, eliminating rekeying of data between policy admin systems (PAS) and pricing tools, slashing their quote times. hx Renew is a flexible system, designed for underwriters, which has been proven to support multiple types of integration - making it future-proof as your organisational and workflow requirements evolve.

Thanks to the platform’s API ingestion capability, MGAs can automatically upload submissions, generating a technical price before an underwriter touches the model and in doing so reducing the time for underwriters to respond to their trading partners.

2. Enriching underwriter data

A significant amount of time spent in the underwriting process is gathering relevant customer data (both structured and unstructured) from 3rd party sources and manually keying into the pricing tool - often resulting in hours of internet searches and data admin per risk.

hx Renew enables an enriched data driven approach to pricing, streamlining this workflow by automating the gathering of third-party data, reducing the time to quote. Structured data can be instantly accessed via APIs and pulled into Renew at the click of a button. In the absence of APIs and clean data sources, unstructured data can also be collected by leveraging web scraping technology - eliminating the need for lengthy searches and repetitive data collections - or uploading pictures and using AI tools to translate the image into relevant data points.

Processes which would have taken hours per risk can now be completed in seconds - allowing you to focus on writing more profitable business and driving growth.

3. Proactive portfolio management

Reporting on pricing data for use by the MGA is often difficult to provide regularly and consistently across all lines of business. This means that many MGAs are unable to effectively monitor rate change, perform regular segmentation analyses or actively steer their portfolio, directly impacting profitability.

With hx Renew, underwriters can view their live portfolio and assess the marginal impact of the policy they are pricing in real time. With real-time visibility of rate change for a renewal, impact on accumulation risk and the projected loss ratio, underwriters can make better decisions on the risks they are writing.

MGAs can also regularly monitor portfolio rate adequacy and maintain a consistent view of all live policies across all lines of business. With access to real-time reporting in Renew, they can make data driven decisions to steer the business, ensuring alignment to plan and driving profitability.

4. Customised automated reporting

MGAs often serve multiple carriers, all of whom will likely have different reporting requirements, requiring multiple bespoke reports to be created and provided by the MGA. Consistent reporting on aggregations and accumulations is essential to securing and retaining capacity. With traditional pricing tools, reconciling and producing reports a regular basis, whether they be related to Bordereaux, Lloyd’s or other processes, is a highly manual process and takes significant time and effort.

hx Renew removes this headache, allowing you to slash administration time and provide consistent data for carriers, giving them confidence in their capacity deployment. Renew automatically saves and structures all your data - straight out of the box so you can automate your reporting and reduce manual intervention – ultimately saving you time and money.

At hyperexponential we are focussed on enabling MGAs to automate reporting against far more than “just BDX” – with an emphasis on reporting compliance, but then ensuring our customers are leveraging data to differentiate themselves – at point of underwriting, but also when securing capacity.

Get in touch to find out what you could make possible with hx Renew.