hyperexponential (hx), a SaaS pricing platform for insurers, has partnered with Canopius, a global specialty (re)insurer.
As part of the partnership, Canopius will gain access to the hx Renew platform.
It stated that prior to the partnership, Canopius was building pricing models using traditional tools. As it grew larger, these tools lacked the agility and flexibility that high-growth insurers require. This led them to hx Renew.
Through the Renew solution, Canopius accesses seamless integration with multiple data sources and internal tools, faster development of new and improved models, real-time portfolio management and automated reporting, improved compliance management and more.
Another benefit of Renew is saving time on manual processes, increasing overall business efficiency and enhancing profitability.
During the evaluation, the hx model team worked with Canopius’ actuaries to build a pricing model. The team also showed how the tool can save time and improve efficiency.
An important requirement from the Canopius team was that the platform was self-serve. The company is now building and updating their models independently – enabling their actuarial team to work closely with the underwriters in ensuring the pricing models are exactly what they need to make smarter underwriting decisions.
Canopius Group head of pricing David Tribe said, “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 pricing capability remains ahead of our competition as we grow and evolve.”
Canopius has underwriting operations in Australia, Bermuda, China, Singapore, the UK and US.
hx recently named Fiona Talbot as its new chief financial and operations officer.
The company also recently released an ebook exploring how its Renew solution helps underwriters to modernise their operations. The report can be found here.
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