How hx Renew is transforming pricing, risk and underwriting
A little over 100 days since selecting the hx Renew platform, we met up with George Murphy, QIC Pricing Manager and Stephen Baker, QIC Project Manager. We asked them how things were going and found out more about their initial experience of Renew.
For QIC the time to value was almost immediate, with the team being up and running with hx Renew within 5 days of project kick-off and the first model released within 32 days. hx has now trained a team of 4 to use the platform, and QIC are on course to build 8 models in the next 7 months.
With hx Renew, QIC has gained access to over 20 automated and trusted data feeds enabling them to build more comprehensive models.
QIC was looking for greater agility and with hx Renew they gain the ability to quickly adjust and refine models themselves, without the risk of compromising integrity that would exist in Excel.
“With hx Renew the integrity of the model is automatically validated when changes are made” continued George, “any adjustment would traditionally take between 2-4 weeks; with hx Renew this is now less than a week.”
Renew also transforms how models are rolled out. QIC are now able to access their pricing models via a web browser, rather than being dependent on sharing spreadsheets via email or SharePoint links. By integrating with their Microsoft Active Directory, this ensures that the right people get the right model and the Intellectual Property of QIC is protected through robust access controls.
“Renew has transformed model development. We are now able to build better models in weeks, which would have taken months in Excel.”
George Murphy, QIC Pricing Manager
For QIC it is essential that they close the loop on price and associated risk analysis; it enables them to continually refine pricing and respond to impact on loss ratio.
With a lack of standardised data structure across their previous excel-based models, any reviews required data to be manually extracted, consolidated and normalised before analysis could commence. This burden is removed with hx Renew, a standardised data structure across all models removes months of manual effort.
This standardisation of data in an underlying database enables QIC to gain a holistic view of models across their full portfolio.
“In-model MI with hx Renew enables comparison and benchmarking to take place across models and supports marginal risk impact analysis.” Explained George.
“The fact that hx Renew automatically structures and standardises data in a unified database completely transforms this process. We can now achieve reporting in real-time if we require, rather than annually as before.”
George Murphy, QIC Pricing Manager
One of the key immediate goals for QIC was to remove the administrative burden on the underwriting team by utilising a tool that both simplifies and streamlines the process.
From risk modelling through pricing and analysis, hx Renew removes the clunkiness. There is now minimal rekeying of data and many onerous manual tasks have been automated including ingesting data and producing weekly reports. QIC are looking to gain similar benefits to other Renew users who have seen savings of up to one year of underwriter time per line of business.
“In the past, underwriters had many manual tasks, including weekly reporting; hx Renew takes away the administrative burden, freeing up more of their time to focus on pricing,”
Stephen Baker, QIC Project Manager
After just 100 days of utilising hx Renew, QIC are already thinking ahead to how hx Renew can further transform their pricing and underwriting operations through greater agility, data-driven analysis, automation, and better pricing models.
“We definitely see hx Renew providing us with the ability to triage risk and to take better decisions faster on how we model and price policies,” explained George. “At present every policy, regardless of value, takes a similar time to price; with the ability to quickly compare data, we can assess risk faster and decide on an appropriate level of underwriter and pricing involvement. In-model MI will be key to this, enabling a more efficient, data driven underwriting approach”
Time to value is one of our unique differentiators at hx, and we are thrilled to see how much impact QIC have realised in just 100 days. We can’t wait to see what they do next.