With a reliance on awkward data and often constrained by legacy spreadsheet tooling, Commercial and Specialty insurers face painful rating processes. hx Renew reshapes the flow from data to decision, helping you build stronger raters, underwrite risks with greater insight, and improve your combined ratio.
Challenges for insurers
Lack of flexibility and agility
Using cumbersome spreadsheets or outdated legacy systems to build rating tools results in difficulty maintaining or enhancing raters to ensure they are fit for purpose for complex products.
Slow speed to market
It can take weeks if not months to deploy or make changes to your raters, which poses a significant challenge while operating in a rapidly evolving market.
Inadequate version control
Issues with finding robust solutions that accommodate model versioning requirements in the admitted market, particularly when it comes to deploying proprietary filings within rating systems or handling complex state-level variations.
How hx Renew helps
Accurately rate complex risk
Build complex and sophisticated rating tools
Leverage key data and insights at the point of underwriting
Conduct dislocation analysis and run scenario analyses
Streamlining proprietary rate implementation
Integrated version control, streamlining your updates in sync with your proprietary rate filings
Seamlessly implement state level variations in rating
Full audit capabilities to ensure the right rates have been used for the applicable risk
Build, deploy, and refine raters 10x faster
Ready-to-use rater templates
Self-serve making updates without reliance on IT or third party vendors
Build and iterate raters quickly in Python
“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
“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 rating capability remains ahead of our competition as we grow and evolve.”David Tribe | Group Head of Pricing - Canopius
“We are committed to ensuring value-add rating 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 rating capabilities.”Simon Cooper-Williams | Head of Portfolio Development & Support - Markel