hx Renew empowers MGAs and MGUs with the agility required to constantly adapt and innovate, ensuring they can offer top-tier rating and underwriting workflows. Proactively differentiate your business against the competition while maximizing value for capacity providers.
Challenges for MGAs and MGUs
Slow speed to market
The timeframe for releasing raters 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.
To boost margins, it's crucial for MGAs to optimize underwriter time. However, this task becomes progressively more challenging due to the time-consuming nature of rekeying, manual data entry, and dealing with disjointed systems.
Capacity providers are intensifying their demands for detailed insights into the business conducted by their MGA partners. Meeting these expectations can be challenging due to current system limitations.
How hx Renew helps
Build, deploy, and refine raters with agility
Speed up existing capabilities by up to 10x
Deploy without reliance on IT or vendor support
Build best-in-class raters with Python
Streamline underwriting workflows
Rapid peer review processes accelerate quote-to-submission
More data and insights available at the point of underwriting
Integration with wider exosystem for streamlined workflows
Take control of your data
Capture rich and granular rating data on every risk quoted
Surface this information in a live cloud based database
Provide live reporting to your capacity providers on the risks being underwritten
“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
“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 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