Inigo partners with hyperexponential to enhance pricing capability and increase operational efficiency
hyperexponential (hx) are pleased to announce that fast-growing Lloyd's syndicate, Inigo Insurance, has joined an expanding list of high-growth specialty (re) insurers and MGAs to adopt the Renew platform.
Inigo is one of the fastest-growing Lloyd’s syndicates working exclusively with the broker intermediary market to serve some of the world's largest commercial and industrial enterprises. It provides cover for a multitude of territories, specialising in a select number of high-risk, high-capacity insurance and reinsurance lines.
Inigo’s pricing and technology strategy required a cloud-based platform that enables actuaries to develop and deploy advanced pricing models whilst integrating efficiently with their IT systems landscape. The insurer wanted a modern platform for its underwriters to price risks, integrating fully with its underwriter workbench to create a ‘single pane of glass’ and avoid rekeying of data.
In addition, it was essential for the platform to enable insight generation for executives and underwriters to positively impact efficiency and profitability. After extensive market research and comparisons, Inigo chose Renew as its partner to enable their pricing strategy.
Inigo intends to integrate Renew seamlessly with all internal systems, including its underwriter workbench and policy admin systems. The platform also provides data enrichment through easy API integrations with 3rd parties to enable data-driven decision-making. In addition, Inigo expects to enjoy faster model development, reducing time to market.
"Since its early days of being a start-up in the Lloyd’s Lab, it’s great to see how hyperexponential have not only created a modern cloud-based pricing platform designed for the next generation of actuaries and underwriters, but also a scalable and flexible solution that should enable our digital and technology strategy."
Erdal Atakan, Inigo Chief Information Officer
During the initial evaluation process, the hyperexponential team collaborated with Inigo to develop a proof-of-concept D&O insurance model, which accelerated the insurer’s project and will be one of the first models to be deployed in the Renew platform. Following the integration, the Inigo team are aiming to increase their agility in deploying and enhancing pricing models whilst creating a seamless and integrated experience for their underwriting teams.
Learn more about how hx Renew enables an improved pricing strategy and increased profitability here.
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