hx Renew offers something new: powerful tools, flexible integrations, and an intuitive, connected workflow between actuaries and underwriters, helping you eliminate admin and deliver growth.
Challenges for reinsurers
When it comes to rating complex risk, out of the box solutions simply won't do. Home-grown tools offer a customized alternative, but they struggle to scale and are prone to break — especially during busy renewals seasons.
1-1 renewal season
During renewal season, reinsurers must handle a signifcant number of submissions, each requiring them to thoroughly analyze risks, assess exposures, negotiate terms, and define rates. Efficiently managing this process necessitates significant resource allocation.
Building sophisticated models
Legacy technology lacks the required capabilities and flexibility for complex data analysis, modelling techniques, and advanced algorithms. This hinders accurate risk assessment, impedes decision-making, and inhibits the ability to respond quickly to market changes.
Managing peer reviews
How hx Renew helps
Streamline underwriter workflows
Rapid peer review processes accelerate quote to submission
More data and insights available at the point of underwriting
Integration with wider ecosystem for streamlined workflows
Accurately rate complex risk
Build sophisticated reinsurance raters
Leverage real-time data and portfolio level insights
Conduct what-if analysis and run exposure scenarios
Reduce business and technology risk
Embed business rules and compliance controls
Built-in versioning and audit trails for rater comparison and compliance
Apply roles-based governance processes around rater releases
“We have found hx Renew to be an excellent rating and underwriting tool. The Python development environment is intuitive and comes with a load of pre-built insurance features – a big step forward from spreadsheet models which took up a lot of actuarial time to maintain.”Samantha Tanner | Chief Actuary, SCOR
“No data put into hx Renew is lost. With Excel, everything gets trapped in a spreadsheet and is unusable in the long run. In Renew, we can aggregate all of our rating data, for example, by line of business, and use that to create our development factors. The ability to move a case easily from one year to the next to help with renewing the policy is valuable for the team.”Stuart Quinlan | Deputy CEO and COO, Conduit Re
“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