What is pricing decision intelligence?
Decision intelligence is the creation of a tight, iterative feedback loop between data, insights, and the decisions they drive, in such a way that decision making gets better over time.
Why is pricing decision intelligence important?
Pricing is the most important driver of the bottom line, but few insurers have meaningfully changed how they make pricing decisions, despite the potential of new technologies. Pricing platforms weren't built to help you make better decisions in rapidly evolving risk landscapes. They help insurers derive a price from complex calculations, but so much more than that goes into a final pricing decision. Effective decisions are reliant on predictive data and deep insights. As traditional data sources become commoditized, insurers must look to more challenging datasets for comparative advantage. The businesses that can elicit value from small, sparse, or fragmented data will make the most impactful decisions.
Consequences of a broken decision system
Even the slightest weakness in the decision engine can lead to ineffective decisions that reverberate throughout the business
Failure to capture and surface data deprives underwriting decisions of emerging insights
Inability to rapidly deploy models means actuarial insights lag behind the market
Lack of collaboration and feedback loops weakens customer experience
Insufficient automation and scalability saddles IT with busywork and impedes responsiveness
Build a decision intelligence engine
With pricing decision intelligence, you automatically capture every decision in your workflow to drive a tight feedback loop between data, insights, and decisions.
Make pricing decisions with complete context
Leverage the full value of your data landscape when making decisions, pulling in everything you need to make the right call, at the point of pricing.
Build a data asset that gets smarter over time
It enables you to generate strategic insight from your BAU pricing actions and creates a virtuous cycle that helps you make smart decisions today, and even smarter decisions tomorrow.
Your world with pricing decision intelligence
hx Renew is the world’s first pricing decision intelligence platform. It’s the only system purpose built for the reality of small, sparse, and fragmented insurance pricing data