Markel is a dynamic and diversified Fortune 500 financial holding company powered by three distinct engines: insurance, ventures, and investments. The insurance arm provides protection against some of the world's most complex risks, meeting customers' needs quickly and efficiently.
Markel has grown significantly at the international level over the past few years, bringing both opportunity and challenge. Investment in the right data and technology to empower underwriters is critical to achieving Markel’s goal of being the leading global specialty insurer in its chosen fields. Markel was in the market for a new solution to:
Build and refine pricing models faster
Integrate external data to enhance data-driven pricing
Automatically triage risks to prioritise the most profitable business
Eliminate manual rekeying of data and improve compliance with regulations
Enable automated reporting and real-time portfolio analytics
Following a thorough evaluation of solutions on the market, Markel selected hyperexponential’s next-generation pricing tool, hx Renew. The self-service Renew platform met all of Markel's requirements, as well as reducing the burden on IT capacity and providing access to a wide range of APIs for system integrations.
"We are committed to ensuring value-add pricing is a core part of the underwriting process, and it is crucial that we continuously innovate to make that possible whilst harnessing the power of data and new technology. Our partnership with hx represents a significant investment in elevating our pricing capabilities and I am confident that this will give us a competitive edge and strengthen our position in the market."Simon Cooper-Williams, Markel Head of Portfolio Development & Support
For Markel, implementing hx Renew is an essential part of the new target operating model designed to power the company to achieve its growth strategies.