Inigo Insurance, an expeditiously expanding Lloyd’s syndicate specialising in high-risk, high-capacity insurance and reinsurance lines, has announced a partnership with hyperexponential (hx), the creators of the Renew platform.
hx is renowned for its platform, which has been widely adopted by several fast-growing specialty (re)insurers and MGAs.
The motivation behind the partnership is to bolster Inigo’s pricing and technology strategy through the integration of a cloud-based platform. This platform will facilitate the development and deployment of advanced pricing models, whilst ensuring compatibility with Inigo’s IT system environment.
Inigo Insurance is making its mark in the FinTech industry by focusing exclusively on the broker intermediary market. It aims to serve large commercial and industrial enterprises across the globe, by providing coverage in various territories. The company’s unique specialisation in select, high-risk, high-capacity insurance and reinsurance lines sets it apart in the market.
hx, on the other hand, provides a cloud-based platform, the Renew, that is designed to cater to actuaries and underwriters in the next generation. It is aimed at enhancing operational efficiency and pricing strategies of (re)insurers and MGAs, allowing them to keep pace with high growth and expansion.
The partnership is set to bring about significant changes in Inigo’s operational efficiency. A key feature of the Renew platform is its integration with Inigo’s underwriter workbench, enabling a ‘single pane of glass’ to avoid rekeying data.
This will give rise to insightful generation for executives and underwriters, thereby making a positive impact on efficiency and profitability. Additionally, Inigo aims to enjoy faster model development and reduce time to market by integrating Renew with all its internal systems, including policy administration.
In a statement, Inigo Chief Information Officer Erdal Atakan praised hx, saying, “Since its early days of being a start-up in the Lloyd’s Lab, it’s great to see how hyperexponential have not only created a modern cloud-based pricing platform designed for the next generation of actuaries and underwriters, but also a scalable and flexible solution that should enable our digital and technology strategy.”
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