For insurers in need of detailed geographical insights, Insurdata offers highly accurate geo-coding without the need for manual surveys or online research. By partnering with hx, customers can integrate this data into their pricing models with a few clicks.
It can be incredibly challenging for the insurance industry to collect high-quality position and risk attribute data, without spending hours manually searching online or performing on-site surveys. However, this information is essential for accurate, reliable pricing. Take flood pricing, where the difference between a couple of inches in site height or slope can make all the difference between a claim or no claim following a flood-related event. For this reason, hx is excited to announce that we will be partnering with Insurdata as part of Renew Connect to give our customers access to this information.
Insurdata delivers high-resolution, accurate property and risk attribute data to optimise pricing, underwriting and risk assessment decisions. The Insurdata Exposure Engine has been designed for full peril coverage globally. The system generates specific attribute data for any type of exposure, including flood, earthquake, wildfire, hurricane, tornado and terrorism.
hx and Insurdata were both members of cohort 3 of the Lloyd’s Lab which was:
“focussed fully on finding solutions with the potential to contribute to the ecosystem of services as part of the future at Lloyd’s vision, including ways to enhance data sharing and provide new sources of risk insight; pricing and risk models to help Lloyd’s market participants better understand threat scenarios; and ways to reduce the cost of processing claims as well as the burden of compliance and regulation”
We have continued our collaboration while growing rapidly since the conclusion of our time in the Lloyd’s Lab.
Renew Connect is an ecosystem of data, insight & system partners
The integration between hx and Insurdata has been designed to be streamlined; by combining Insurdata’s expertise and data capabilities with Renew’s API-first architecture and rapid model deployment. Our customers can enhance their underwriting decision-making process in one centralised place and with no need for re-keying between systems.
“We are delighted to be working with the hx team as a Renew Connect partner. Through this partnership, organisations will now be able to capitalise on our high-resolution, property and risk attribute data to ensure data-driven decision making. We’re very much looking forward to helping hx customers to improve their knowledge of locations with a simple yet powerful integration of our technology.”
Rosina Smith, Head of Client Success, Insurdata.
For our Renew clients, the Renew Connect section of our documentation now includes a complete annotated model which can be imported into your Renew environment to get you up and running with address search, geo-location and risk attribute querying in minutes. The Insurdata APIs are all fully documented here and if you have any queries about anything in the Renew documentation please contact our support team. You will need an Insurdata API key available on request.
If you are not a Renew client and you are interested in a demo of how Insurdata in Renew can assist your business, please contact firstname.lastname@example.org and we will arrange a session.
This integration is one of many partners available within Renew Connect.
Hackathon, Renew Use Cases, Insurtech, Technology3 Mins
The first hackathon of 2021 saw us burn an arduino sensor, reverse engineer algorithms, automate breakout rooms and even weigh the benefits of unicorn animations for kanban boards. It was busy. Because we had so much fun, we wanted to share a roundup of the best bits of our first hackathon of the year.
Renew Connect, Renew Labs, Renew Use Cases2 Mins
Because our platform is built using open-source languages, the possibilities as to what you can do with it are endless. However, in insurance pricing there are some common things that our users want to build. Which is why we’ve put together Renew Labs. Housed on our platform, it’s filled with easy-to-follow guides for our customers so they can benefit from our experience in delivering models. The instructions enable anyone to make truly bespoke pricing models, without needing to reinvent the wheel each time. This forms part of our commitment to comprehensive training and ongoing support.
Renew Connect, Data Partners, Partners, Renew Use Cases2 Mins
hx is on a mission to build a best-of-breed tech ecosystem for the insurance market. Renew Connect offers seamless integrations for data insights, workflow management or pricing. This month we’re highlighting Addresscloud, whose detailed property data can be used to assess flood, fire or a whole host of other property related risk. This information is available directly in the Renew platform, reducing the tedious administrative work and errors which can be made by switching between platforms.