Introducing our preferred partnership scheme, hx Connect. Here we examine the reasons why building an ecosystem of best-of-breed solutions is not the logistical nightmare many in the insurance market think it is, and how Renew Connect can help your business.
We all know the importance of a specialist. Whether we need a medical diagnosis, or a plumber, or even a new piece of technology, we look for a tool or person who is the best fit for the work at hand. This desire for a specialist is seen nowhere more clearly than in the world of software development. It is, after all, the principle behind the success of the app store. Small, tailored programs which are designed to perform one simple task effectively. Even all-encompassing apps like Facebook, started life trying to perform a smaller task — peer-to-peer networking — and expanded from there.
As attractive as the all-singing-all-dancing solution often is, they are inevitably more susceptible to failure or mediocrity. Solving every problem that the insurance market faces would stretch any software company beyond breaking point. The likely outcome is a product which does a lot of things, but rarely easily, or in a way which is stable or reliable. It is why, at hx, we focus on only one aspect of the insurance and re-insurance market. Pricing. This laser focus is how we deliver the best result for our clients.
We have specifically designed our flagship Renew product to empower the pricing actuary by automating all of the essential but non-core activities such as dynamic User Interface build and high-performance data storage. Better yet, Renew is able to provide powerful model building capabilities based on open source languages that users actually want to learn and use. This is all delivered as part of a managed SAAS platform which removes the time needed for IT teams to manage upgrades and model releases. So teams have more time for collaboration with the business — focussing on best-practice pricing and modelling.
However, whilst pursuing this ecosystem approach — of stitching together multiple best-of-breed solutions — there may be concerns over how you will integrate solutions together and ensure the data flows freely and consistently between them. For this very reason, hx have introduced a new partnership scheme: hx Connect.
Renew Connect is an ecosystem of data, insight and systems partners. Through a combination of API sharing, and relationship building, we are creating a network of best-of-breed solutions for the modern insurer. This could be through enriched data streams and additional analysis from Data & Insight partners to System partners who provide a complete workflow platform or finance and claim solutions. Importantly, all our partners have the same commitment to tailored excellence. By leveraging this ecosystem our customers effortlessly work with the best solutions; creating a streamlined and low impact integration across the Renew Connect partnership. In short, you can integrate only the very best solutions, seamlessly.
In most cases our customers will be able to plug and play with all of our partners, getting sample models up-and-running in Renew in minutes and with access to a community ready to support you in your pricing model development.
Want to learn more? We have already shared deep-dives on a number of key Renew Connect integrations like:
To learn more about our integrations, or to recommend a partner for our Renew Connect program, contact us directly using email@example.com