Key Highlights
Richer data and better data capture for decision-making
More effective actuary/underwriter collaboration
About AEGIS London
AEGIS London is a highly profitable top-quartile Lloyd's syndicate that has consistently outperformed the market. With over $1bn of Gross Written Premium planned for 2024, it writes a well-diversified book of business across Property, Casualty, Specialty and Marine & Energy classes.
Data-driven, AEGIS London embraces technological innovation to maximize the efficiency and efficacy of their workflows.
Challenges
AEGIS London were using a bespoke web-based pricing platform which was developed for them to house 58 individual pricing models.
The user experience of both the actuaries and the underwriters was lacking. A reliance on external developers meant delays, errors and miscommunication were commonplace. Excessive rekeying and a lack of integration also slowed down the pricing workflow.
Automated reporting was not possible and only ad hoc analyses could be run on request, so the wealth of data they were building up was difficult to access and leverage.
The challenge was to shift models that had been custom built for 21 lines of business onto a new platform, maintaining each model's unique attributes whilst taking advantage of the material advances in modelling technology since they were first implemented.
Solution
AEGIS London sought a market-leading, forward-thinking platform:
AEGIS London created a longlist of potential suppliers, which they shortlisted down to 6, with each provider put to task creating a complex burn cost model. After obtaining feedback from the underwriters, the actuaries narrowed the products down to 3 and got hands-on with training and building a simple model in each.
hyperexponential emerged as the winner. All model features could be comfortably accommodated, and integrations with AEGIS London systems and other data sources were straightforward. hx's training offerings were rated very highly, and AEGIS London were "impressed by hyperexponential's forward thinking and ambitious attitude."
Using Python to build and iterate on pricing models was also an appealing prospect.
Results
AEGIS London built an incredible 58 pricing models in hx—their entire suite-- in just nine months. This was done entirely by actuaries in-house. Not only was the transition rapid, but the new models represented a marked leap forward in usability and in terms of the pricing workflow.
Tom Chamberlain, VP of Customer and Consulting at hyperexponential, says "collaboration is key to any transformation, both internally between the functions, and externally with trusted partners. With the Actuarial and Underwriting teams working closely together, AEGIS London were able to accelerate their model roll out and successfully achieve the goals they set out at the start of the project."
AEGIS London have built out several key integrations, with more still to come. Pricing data is being captured for future decision-making, and the flexible model development process keeps AEGIS London models sharp and competitive.
Beyond product-led innovation, AEGIS London and hyperexponential have built a strong working partnership to drive success. Roger Misra, Change Manager at AEGIS London, says "the quarterly business reviews are very effective at focusing on pain points and areas to improve performance, not just a box ticking exercise that we sometimes see."
AEGIS London also engage very actively with the hyperexponential user groups. Exclusively for customers and partners of hyperexponential, these interactive events provide a chance to network, learn and share knowledge.
What's next for AEGIS London and hyperexponential?
AEGIS London are never ones to rest on their laurels, and neither are the hyperexponential team. AEGIS London stay up to date with the latest releases—the recent introduction of Plotly being one example, enabling powerful data visualizations within hx.
They are continuing to build out and optimize their pricing models and workflows with hx. One landmark project is building out an integration with their innovative online quote and bind system, OPAL.
AEGIS London are also exploring how to make the best use of their captured pricing data and other data sources, driving even stronger decision-making.
As Rajan Singh Purba, actuary at AEGIS London says; "With hx, the art of the possible is endless. We are only just beginning our hx journey."
