Canopius is a leading global specialty insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and US.
Before now, the insurer was successfully building pricing models using traditional tools; however, as the insurer grew larger, it became more apparent that these tools lacked the agility and flexibility that high-growth insurers require. After extensive research and evaluation, the Canopius team chose hx Renew.
With hx Renew, the Canopius team will enjoy the following benefits:
Seamless integration with multiple data sources and internal tools
Faster development of new and improved models
Real-time portfolio management and automated reporting
Improved compliance management
Ultimately saving time on manual processes, increasing overall business efficiency, and enhancing profitability.
During the evaluation, the hyperexponential model development team worked with the Canopius actuaries to build a pricing model, demonstrating how hx Renew can save actuaries time and improve overall efficiency in the model development and management process.
"One of the challenges of growing a broad, global, multi-platform insurance business is ensuring that legacy systems do not limit our ability to move quickly and respond to new opportunities. hx Renew is a key part of our strategy to ensure our pricing capability remains ahead of our competition as we grow and evolve."
David Tribe, Canopius Group Head of Pricing
An important requirement of the Canopius team was that the platform was self-serve. Following a 2-day advanced training session, Canopius are now building and updating their models independently – enabling their actuarial team to work closely with the underwriters in ensuring the pricing models are exactly what they need to make smarter underwriting decisions.