hyperexponential has released a new ebook on how its Renew solution helps underwriters modernise their operations.
The Renew solution enables insurers to build, deploy and refine their models faster to improve their underwriting.
One of the key benefits of Renew is how it eliminates underwriting rekeying. The solution integrates with internal systems and underwriter workbenches, removing the need to rekey data between policy admin systems and pricing tools.
Its system is also scalable for future systems as it supports multiple types of integrations. Due to its API ingestion capability, insurers and reinsurers can automatically upload submissions, generating a technical price before an underwriter touches the model. This reduces the time for underwriters to respond to trading partners.
Another boon of Renew is its data-driven decision making. The solution lets underwriters view their live portfolio and assess the marginal impact of the policy they are pricing, in real-time. With the power of real-time visibility of rate change for renewal, impact on accumulation risk and the projected loss ratio, underwriters can improve their decisioning.
Furthermore, management can regularly report on adequacy and maintain a consistent, global portfolio view of all live policies. Through real-time reporting, they are better placed for business decisions.
A third benefit of leveraging Renew is its automated risk triaging. The tool utilises machine learning to automatically triage large quote volumes. Risks that are out of appetite are qualified out and ones within the appetite are graded, giving underwriters the ability to focus on the most important.
Other benefits include enriching underwriter data and a rapid and collaborative quote-to-bind process.
To find out more about the Renew solution, read the full report here.
Copyright © 2022 FinTech Global
