Key Highlights
Real-time reporting, instead of annual
Unlocked the equivalent time-saving of an extra full-time employee
Better models built in weeks, not months
Simplifying and accelerating model development
For Antares, the time to value was almost immediate, with the team being up and running with hx 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 Antares are on course to build 8 models in the next 7 months.
With hx, Antares has gained access to over 20 automated and trusted data feeds enabling them to build more comprehensive models.
Speed of model adjustment and roll-out
Antares was looking for greater agility and with the hx platform they gain the ability to quickly adjust and refine models themselves, without the risk of compromising integrity that would exist in Excel.
hx also changes how models are rolled out. Antares 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 Antares is protected through robust access controls.
Analysing risk and pricing
For Antares 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, a standardised data structure across all models removes months of manual effort.
Portfolio analysis
This standardisation of data in an underlying database enables Antares to gain a holistic view of models across their full portfolio.
Reducing underwriter administrative burden
One of the key immediate goals for Antares 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 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. Antares are looking to gain similar benefits to other hx customers who have seen savings of up to one year of underwriter time per line of business.
Where does Antares see hx taking them?
After just 100 days of utilising hx, Antares are already thinking ahead to how hx can further advance their pricing and underwriting operations through greater agility, data-driven analysis, automation, and better pricing models.
Time to value is one of our unique differentiators at hx, and we are thrilled to see how much impact Antares have realised in just 100 days. We can't wait to see what they do next.
