Why the perfect formula for pricing tools doesn’t include Excel
Take control of your pricing and make better data-driven decisions
hx Renew empowers insurers of small and medium enterprises (SME) to unlock newfound pricing capabilities and boost combined ratios. Dynamically fine-tune your models, solve across distribution channels, ensure effective referral processes, and leverage robust data-driven insights across your pricing workflows.
Challenges facing today's SME insurers
Inability to refine models dynamically
SME insurers face delays in adjusting pricing tools embedded within their Policy Administration Systems or external software house, hindering responsiveness to insights and forcing them to bear unprofitable risks while unable to make strategic changes.
Lack of data-driven portfolio insights
Managing multiple distribution channels makes it difficult to analyze an entire business portfolio and conduct 'what-if' scenarios. This manual process is time-consuming, causing underwriting strategies to lag and unexpected deviations from planned goals.
Lucrative opportunities are missed
Working with various distribution channels introduces a risk of overlooking promising opportunities. The complexity of navigating these channels can make it challenging to thoroughly evaluate the advantages and disadvantages of potential submissions.
How hx Renew helps
Build, deploy, and refine models 10x faster
Self-service lets you modify pricing algorithms, rates, and rules without IT involvement
Leverage the power and flexibility of Python
Ready-to-use model templates
Centralize distribution and optimize your portfolio in real-time
Single point solution for all your distribution channels (including software houses, flow pricing, direct web, and more)
Seamlessly conduct portfolio level and what-if analyses
Assess portfolio level implications at the time of writing individual risks
Effective pricing for submissions within risk appetite
Seamlessly manage your referral rules, so underwriters can focus on value added risks
Leverage dynamic UI for clear risk assessment in underwritten and referred business
Integrate with both internal and external tools, removing the need to rekey data
“The underwriters trust that the pricing tools work and that the pricing will make sense, and they can get back to brokers faster.”
Marc Wanless | Head of Corporate Lines (Interim) & Head of Motor, Commercial Lines
“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 hyperexponential represents a significant investment in elevating our pricing capabilities.”
Simon Cooper-Williams | Head of Portfolio Development & Support - Markel
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