InsurTech firm hyperexponential has seen Optio Group, a leading speciality MGA, join a growing list of insurers and MGAs to adopt the former’s Renew platform.
Optio Group is a leading specialty MGA focused on emerging insurance risks, bringing together technology and market-leading underwriting capabilities.
According to hx, Optio was looking for the right partner to enable data-driven underwriting and supercharge its entire underwriting workflow with best-in-class technology. The specialty MGA wanted an improved process for claims handling and portfolio management, and they chose hx Renew to help deliver against their ambitious goals.
HX added that hx Renew will enable Optio to seamlessly integrate with multiple data sources and internal tools, develop new and improved pricing models with increased flexibility, manage insurance portfolio in real-time and generate automated reports to support executive and underwriter insight and automate risk triaging to save underwriters’ valuable time.
Optio chief information officer Kevin Cleary said, “Optio is always looking for ways to embed technology and transform all areas of the business, and the decision to introduce a more data-driven approach to underwriting through hx Renew enables us to harness data, improve our performance, and drive profitability.
“During the evaluation process, the hx model development team built an initial PI model for Optio in 22 hours for underwriting testing and validation. This showcased the unique capability of Renew to deliver fully functional pricing models at speed. We look forward to increased success for Optio through this partnership.”
hyperexponential (hx) recently partnered with Canopius, a global specialty (re)insurer.
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