hyperexponential (hx), a SaaS pricing platform for insurers, has launched a research report highlighting the importance of pricing transformation for specialty insurers.
Founded in 2017 by software engineers and qualified actuaries Amrit Santhirasenan and Michael Johnson, hx provides next-generation pricing software solutions.
The company’s SaaS platform, Renew, helps insurers build, deploy and update their insurance pricing models faster. hx also offers exploratory data analysis (EDA) services to help insurers optimise their data processing and build better models.
The company recently closed an $18m funding round, led by growth capital fund Highland Europe, which will be used to expand its platform.
According to hx, over 68% of actuaries surveyed at leading actuarial conference GIRO 2022 cited pricing as a key priority for their transformation agenda.
hx’s Tom Chamberlain, VP of customer and consulting, participated in a discussion at the conference on “The Future of Pricing.”
The speakers discussed the need for pricing transformation, highlighting internal challenges like poor historical performance, external pressures from regulators and competition, and technological developments across the market as drivers for modernisation.
Chamberlain demonstrated how hx’s next-generation pricing tool, Renew, optimises the workflow for actuaries, underwriters, and executives, enabling fast model creation, data-driven decision-making, automated reporting, reduced loss ratios, improved regulatory compliance, and many other benefits.
While the analysis in the new report reveals pricing is a top priority for insurers, it highlights the industries’ continued reluctance to change, with many firms still ‘pricing 21st-century risk with 20th-century tools.’
In fact, hx said that at GIRO, 25% of actuaries reported that their companies were either not investing at all in pricing technology, or not investing enough.
Amrit Santhirasenan, CEO of hx, said, “Pricing is a critical lever for any insurer looking to transform and grow. But with so much change happening in the industry, it can be difficult to know where to start. Our report provides a roadmap for insurers looking to unlock the full potential of their pricing capabilities and drive exponential growth.”
Earlier this year, hx saw Optio Group, a leading speciality MGA, join a growing list of insurers and MGAs to adopt the former’s Renew platform.
Copyright © 2022 FinTech Global
