Fortune 500 insurance giant Markel, has selected hyperexponential’s next-generation pricing tool, Renew, to transform its underwriting processes in the UK.
According to hx, it has reimagined the actuarial pricing system from the ground up. By combining actuarial knowledge and technical expertise, the company said it has targeted the issues companies face day-to-day.
The result is Renew – a web-based SaaS platform that’s custom-built for the small, sparse and fragmented datasets that dominate the working life of its clients.
According to hx, implementing Renew is an essential part of the new target operating model designed to power Markel’s growth strategies.
Markel is powered by three distinct engines: insurance, ventures, and investments. The insurance arm provides protection against some of the world’s most complex risks.
Having grown significantly around the world over the past few years, the insurance giant said investing in the right data and technology to empower underwriters is critical to achieving its goal of being the leading global specialty insurer in its chosen fields.
Simon Cooper-Williams, head of portfolio development & support, Markel said, “We are committed to ensuring value-add pricing is a core part of the underwriting process, and it is crucial that we continuously innovate to make that possible whilst harnessing the power of data and new technology.
“Our partnership with hx represents a significant investment in elevating our pricing capabilities and I am confident that this will give us a competitive edge and strengthen our position in the market.”
Tom Chamberlain, VP of customer and consulting at hyperexponential, added, “Partnering with accomplished businesses like Markel proves we’re building a solution the industry very much needs.”
Last year, hyperexponential saw Optio Group, a leading speciality MGA, join a growing list of insurers and MGAs to adopt its Renew platform.
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