Every underwriter would love to spend less time on admin and more time underwriting. In today’s world, being able to react quickly to the rapidly changing market is a business imperative for insurers. hx Renew enables insurers to build, deploy, and refine their models faster to better enable their underwriting teams – and the benefits don’t stop there. Below, we take you through five use cases of how hx Renew enables modern underwriters 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. 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 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 insurers and reinsurers 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. Data-driven decision making
With traditional pricing tools, reporting is a manual, time consuming process, with data often out of date by the time it is produced. Most insurance companies rely on quarterly reporting to understand their portfolio mix, assess exposures and monitor rate change. Consequently, underwriting strategy can be slow to respond to changes, and deviations from plan are commonplace.
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.
Management can also regularly report on rate adequacy and maintain a consistent, global portfolio 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.
3. Automated risk triaging
The quoting process takes up a significant amount of underwriter resource, particularly for HiLo (high volume, low premium) lines of business such as Professional Indemnity, Directors & Officers and General Aviation. With traditional workflows and tools it is almost impossible to easily identify how to prioritise risks and allocate resources in the most profitable way.
With hx Renew large quote volumes can be automatically triaged with machine learning. Risks which fall out of appetite are immediately qualified out and the ones within appetite are graded, allowing the underwriter to focus where they can have the most impact - on risks which add the most value for the profitable growth of the company. This can lead to up to 25% increase in new business GWP.
4. 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 with manual efforts often resulting in hours of internet searches per risk.
hx Renew streamlines the underwriter 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 scaping technology, eliminating the need for lengthy searches and repetitive data collections. 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.
5. Rapid and collaborative quote-to-bind
All too often, each activity in the quote-to-bind process is siloed and slow – with pricing separate from peer review, referrals, document management separate, PAS reconciliation, and so it goes on. The result of these unconnected siloes is inefficient, disjointed, and unauditable process which reduces the ability of an underwriter to trade quickly and efficiently with brokers. Underwriters need to be able to easily and seamlessly collaborate on a risk with their peers, CUO and management, all within their existing workflows, so that they can move from quote to bind as quickly and frictionlessly as possible.
hx Renew provides the ability to collaborate using a customer’s preferred communication tools (email, Teams, Slack etc.), and ensures compliance with company permissions and limits by providing audit trail of review and approval cycles. This results in an accelerated underwriter process from initial quote through to bind, saving up to 50% time and allowing the underwriter to respond to brokers faster than ever.
Curious to learn more? Get in touch to find out what you could make possible with hx Renew.