About Conduit Re
Conduit Re is a pure-play Bermuda-based reinsurance business with global reach launched in December 2020 following Conduit Holdings Limited, the ultimate parent of Conduit Re, completed a successful IPO on the London Stock Exchange, raising US $1.1 billion.
Conduit Re founders Neil Eckert and Trevor Carvey set out to build a high-quality underwriting franchise across a broad spectrum of underwriting classes in property, specialty, and casualty
Challenges
As a fast-growing startup, Conduit Re wanted the ability to rapidly develop and iterate its pricing models and rating landscape, with no tolerance for time-consuming manual processes such as data rekeying.
With a clear vision for data-centric operations and free from any burden of legacy systems, the founders took to the market to find the strongest modern solution for pricing risks. The priorities were clear: empower underwriters to make the best pricing decisions and stand out in a competitive market.
Solution
The team found what they were looking for in the hx platform. The platform enables the fast build and iteration of pricing models and captures and connects data from across sources to underpin seamless end-to-end underwriting processes.
hx's integration capabilities were especially appealing: API integrations with third-party data sources and internal tools, such as their policy admin system, would pave the way for enhanced data-driven decisions and faster quote to submission.
Implementation of hx
Conduit Re adopted hx on its launch at the end of 2020, with the hyperexponential field engineering team providing expertise and support to help the teams set up, integrate with internal tools, and begin model development ahead of the business launch.
Results
Agile pricing models and underwriting workflows
The company currently leverages hx to price around 85% of its business, with the platform supporting the complexity and size of models required for modern reinsurers across all lines of business. The platform's seamless model release process is giving their underwriters the flexibility to quickly release or roll back a model for further refinement.
The integration of hx with Conduit Re's policy administration system and exposure management platform has enabled the team to eliminate rekeying from the underwriter workflow.
Advanced data capture and pricing decisions
The pricing data for every piece of business underwritten is now being captured through hx. The team use this data to inform more advanced analytics such as rate change reporting by class and the development of benchmark class level loss ratios and development patterns. This feedback loop contributes to more accurate account pricing and data-driven portfolio steering.
Seamless internal reporting and auditing
Thanks to automated reporting, a built-in audit trail, and full access to all pricing data, the team can now quickly gain relevant insights to make better decisions and grow the business.
What's next?
Conduit Re and hyperexponential are continuing to collaborate on integrating more third-party systems to further enrich the data and insights behind underwriter decisions. The teams will be working together to unlock even more value from the pricing data captured in hx to continuously sharpen the edge of Conduit Re's pricing decisions.
