Four key challenges facing the specialty insurance industry
Pricing decision intelligence for Specialty
Reimagine your pricing workflows to make more profitable decisions
Pricing decision intelligence for Specialty
With a reliance on awkward data and often constrained by legacy tech, Specialty and Commercial insurers face painful pricing processes. hx Renew reshapes the flow from data to decision, helping you build stronger models, underwrite risks with greater insight, and improve combined ratios.
Challenges for Specialty and Commercial insurers
Slow speed to market
The timeframe for releasing models can often span from weeks to even months, which poses a significant challenge in a rapidly evolving market. This considerable delay can prove to be highly detrimental.
Difficulty leveraging key data
The datasets Specialty and Commercial insurers work with are often sparse or fragmented, making them difficult to integrate into models and derive meaningful insights from. So, they often don’t.
Poor team alignment
Siloed and manual processes limit the effective governance of best practices and compliance. This leaves organizations vulnerable to costly inefficiencies.
How hx Renew helps
Build, deploy, and refine models 10x faster
Build and iterate models quickly in Python
Deploy without reliance on IT or vendor support
Reusable componentized model development
Data-driven decisions for up to 6% pt combined ratio gains
Built-in data integrations, including in-model MI
Portfolio view for strategic exposure decisions
Live rate change monitoring for better projections
Reduce quote to bind times by 50%
Integrated systems for faster feedback loops
Enable automated risk triaging and focus on value-added work
Embed parts of underwriting workflows within your pricing model
“hyperexponential combines deep industry knowledge and modern software expertise to create a technology firm ideally tuned for the 21st century.”
Paul Brand | Co-founder, Convex
“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
“One of the challenges of growing a broad, global, multi-platform (re)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 | Group Head of Pricing - Canopius
How hx Renew benefits the whole pricing team
Actuaries
See how we’re helping actuarial teams 10x their model build capabilities
Build, deploy, and iterate pricing models with unparalleled speed
Automate data capture while enabling holistic portfolio level analysis
Automate testing and efficient what-if analysis for model integrity
Underwriters
See how we’re helping underwriters go from quote to bind up to 50% faster
Deliver combined ratio improvements of 3%-6% pts
Seamless integration with your tech stack to eliminate rekeying
Effectively manage your portfolio with live reporting.
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Convex streamlines workflows and enhances data-driven decision making with hx Renew
