Conduit Re, based in Bermuda, and hyperexponential, a leading pricing decision intelligence (PDI) firm, have embarked on a transformative partnership.
Conduit Re, a distinguished global reinsurer, has now successfully incorporated the world-class PDI platform, hx Renew, into its operations. This integration has enabled Conduit Re to refine its pricing models and rating framework with unmatched speed and efficiency.
Established as a leading global reinsurer, Conduit Re specialises in Property, Casualty, and Specialty domains. The company made headlines in December 2020 when Conduit Holdings marked its entry with an Initial Public Offering on the London Stock Exchange, amassing a whopping $1.1bn.
On the other side, hyperexponential stands out as the creator of the world’s premiere PDI platform, hx Renew. This platform has been the cornerstone of Conduit Re’s current operations, aiding them to price a staggering 85% of their business. Moreover, hx Renew effortlessly handles the intricate and large-scale models which modern reinsurers, including Conduit Re, necessitate across all business lines.
The driving force behind Conduit Re’s shift from conventional pricing was their aspiration for a faster, streamlined approach to pricing and ratings. With hx Renew, tedious manual tasks, such as rekeying data, are now a thing of the past. The decision to adopt hx Renew became evident, especially after discovering hyperexponential’s successful stint with the renowned Lloyd’s Lab and its seamless integration capabilities.
hx Renew’s PDI platform isn’t just about speeding up processes. It’s about the creation of a dynamic feedback loop. This loop constantly enhances the data assets, insights, and decisions of insurance firms. Conduit Re benefits immensely from this, ensuring precise account pricing and a data-backed approach to portfolio management.
Stuart Quinlan, Deputy Chief Executive and COO at Conduit Re, elucidated on the transformative power of hx Renew, “No data put into hx Renew is lost. With Excel, everything gets trapped in a spreadsheet and is unusable in the long run. In hx Renew, we can aggregate all of our pricing data, for example, by line of business, and use that to create our development factors. The ability to move a case easily from one year to the next to help with renewing the policy is invaluable for the team.”
Tom Chamberlain, hyperexponential’s VP of Customer and Consulting, shared his thoughts, “By investing in pricing decision intelligence, companies like Conduit Re are looking to outperform the market by moving from data to insight to decision as fast as possible. hyperexponential is here to partner with our customers like Conduit Re on their journey in this space and ensure they have the essential technology and data within reach to empower their underwriters.”
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