Qatar-based insurance organisation QIC Global has partnered with hyperexponential (hx), a SaaS pricing platform for insurers. Within the first 100 days of using the technology, QIC Global has experienced a four-times reduction in time to adjust models.
As part of the deal, QIC implemented the hx Renew solution, which enables insurers to build, deploy and refine models faster to improve underwriting.
QIC implemented and launched the hx Renew tool within five days of project kick-off, and their first model released within 32 days. hx has now trained a team of four to use the platform and QIC are on track to build eight models in the next seven months.
Through hx Renew, QIC has gained access to over 20 automated and trusted data feeds to help build more comprehensive models.
According to hx, the QIC team was looking for greater agility and Renew helped them quickly adjust and refine the models themselves, without the risk of compromising integrity that would exist in Excel.?Typically, adjustments would take between two and four weeks, they now take less than a week.
The Renew solution also transforms how models are rolled out. With the software, QIC can access their pricing models via a web browser, rather than being dependent on sharing spreadsheets via email or SharePoint links.
QIC pricing manager George Murphy said, ?Renew has transformed model development. We are now able to build better models in weeks, which would have taken months in Excel.span>
The report outlined that QIC needed to close the loop on price and associated risk analysis. With a lack of standardised data structure across their previous excel-based models, any reviews required data to be manually extracted, consolidated and normalised before analysis could commence. hx Renew implemented a standardised data structure across all models and removed months of manual effort, it claims.
With standardised data, QIC has a holistic view of models across their full portfolio.
QIC is now exploring other areas where the Renew solution can transform their operations. The tool enables comparison and benchmarking across models and supports marginal risk impact analysis.
?The fact that hx Renew automatically structures and standardises data in a unified database completely transforms this process,Murphy said. ?We can now achieve reporting in real-time if we require, rather than annually as before.span>
One of the priority goals QIC wanted to accomplish through hx was the removal of administrative burdens on the underwriting team. hx Renew streamlines the process, with automatically completing tasks, such as data collecting and weekly report production.?
Murphy concluded, ?We definitely see hx Renew providing us with the ability to triage risk and to take better decisions faster on how we model and price policies.
?At present every policy, regardless of value, takes a similar time to price; with the ability to quickly compare data, we can assess risk faster and decide on an appropriate level of underwriter and pricing involvement. In-model MI will be key to this, enabling a more efficient, data driven underwriting approachspan>
Read the full report here.
Copyright ? 2022 FinTech Global
