Next-generation pricing for modern (re)insurers
A first for the industry, Renew is the only agile, web-based SaaS pricing platform custom-built for the small, sparse and fragmented datasets that dominate specialty and commercial (re)insurance.
It enables progressive (re)insurers like AEGIS, Convex and Aviva to:
- Make better pricing and underwriting decisions based on real-time data.
- Build, deploy and refine smarter pricing models 10x faster than the nearest competitor.
- Drive up to a 2% improvement in loss ratios and increased profits.
What can Renew do for you?
Did you know that 80% of actuarial time is not spent on actuarial work? Renew helps actuaries:
- Build, deploy and refine better pricing models, faster. Automate essential activities to focus effort on adding business value.
- Monitor the pricing landscape, including rate change analysis, regularly and automatically, without the need for manual data collection.
- Build trusted models and ensure compliance with internal and external standards and principles.
Did you know underwriters spend up to 5 hours per risk on unnecessary admin? Renew helps underwriters:
- Reduce admin, drive collaboration, eliminate rekeying and automate manual tasks to move from quote to bind as quickly and seamlessly as possible.
- Gain live visibility of rate change, exposure rating, impact on accumulation risk and projected loss ratio to inform decisions.
- Safeguard against unintentional breaches and ensure compliance with internal and external standards and principles.
With traditional pricing tools, reporting is a manual, time-consuming process, with data often outdated by the time it is produced. Renew helps leaders:
- Make better decisions to improve loss ratio with real-time data, reporting and portfolio visibility.
- Have confidence in consistent, well governed pricing and underwriting, with clear audit trails and robust processes.
- Automate real-time reporting on rate adequacy - ensuring alignment to plan and driving profitability.
Effortlessly integrate Renew within your IT systems and existing underwriter workflow and tooling.
Renew helps IT teams:
- Securely deploy compliant models.
- Reduce in-house support, maintenance and hosting costs.
- Seamlessly integrate with internal and external services.
Learn more about Renew
Renew is simple to use. Our system is so user-friendly that, with minimal training, even your least tech-savvy people can build and update models in hours rather than weeks.
Renew is fast and agile, enabling you to move as fast as your risks and market. It is also flexible, meaning you always have the optimum system for your business.
Renew is collaborative, connecting seamlessly to internal communication tools, providing the connection between actuarial and underwriting teams you need to achieve effective pricing.
Renew is easy to integrate into your actuarial and underwriting workflow. And our ongoing support ensures everything runs smoothly from launch day onwards.
As a Renew user, you can also tap into Renew Connect – our ecosystem of data, insight and systems partners.
This partnership scheme gives you plug-and-play access to the best solutions, from enriched data streams to complete workflow platforms or finance and claim services. Renew Connect is a community that delivers as much support as you need while you integrate and refine your pricing model setup.
“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
“hx are a dynamic and agile company whose leadership have strong domain knowledge of both specialty insurance and technology. Working with them is enabling us to quickly facilitate better underwriting decisions”
Sarah Brooks, Portfolio Optimisation, Convex
“Renew has transformed model development. We are now able to build better models in weeks, which would have taken months in Excel. hx Renew takes away the administrative burden, freeing up more underwriter time to focus on pricing. We can now achieve reporting in real-time if we require, rather than annually as before.”