In the dynamic landscape of insurance technology, hx Renew has emerged as a transformative force, empowering the world’s leading insurers of complex risks to revolutionise their pricing and underwriting strategies. hyperexponential delves into the five key advantages that make hx Renew a game-changer for modern Managing General Agents (MGAs).
1. Eliminating Underwriter Rekeying: Boosting Efficiency and Speed
According to Insurance Business Magazine, 77% of brokers prioritise technology when choosing an MGA. Efficiency has therefore become paramount, and hx Renew rises to the challenge by seamlessly integrating with internal systems, eliminating the cumbersome rekeying of data between policy admin systems and pricing tools. This not only slashes quote times but also positions MGAs to stay ahead in a competitive market.
2. Enriching Underwriter Data: The Power of Automation
In the world of underwriting, time spent on gathering relevant customer data can be substantial. hx Renew addresses this challenge by automating the data-gathering process, embracing both structured and unstructured data.
With the ability to leverage web-scraping technology and even translate images into relevant data points using AI tools, hx Renew sets a new standard for data-driven pricing.
3. Proactive Portfolio Management: Real-time Visibility for Better Decisions
Reporting on pricing data is often a hurdle for MGAs, impacting their ability to make informed decisions. hx Renew offers real-time visibility into live portfolios, enabling underwriters to make dynamic pricing strategies, understand the impact on risk accumulation, and gain up-to-the-minute loss ratio insights.
This proactive approach ensures alignment with overarching business strategies, ultimately paving the way for greater profitability.
4. Customised Automated Reporting: Efficiency Redefined
MGAs often serve multiple carriers with different reporting requirements. Traditional tools make report reconciliation a manual and time-consuming process.
hx Renew steps in by slashing administration time, providing consistent data for carriers, and saving time and money through automated reporting. This not only instils confidence in capacity deployment but also streamlines operations for MGAs.
5. Built-in Audit and Compliance: Navigating Regulatory Challenges
With 90% of MGAs anticipating increased legal and regulatory scrutiny, adherence to guidelines becomes paramount.
hx Renew not only streamlines peer review and referral workflows but also maintains a complete audit trail. By embedding underwriter authorities and guidelines within models, it ensures compliance and creates a more secure and resilient operational environment, reducing administrative burdens.
Explore the Possibilities with hx Renew
As American businessman Jack Welch once said, “if you don’t have a competitive advantage, don’t compete.” hx Renew offers that competitive edge for MGAs.
David Hughes, Mulberry Risk Founder agreed with the sentiment that hyperexponential’s solution was the market’s finest, stating, “When Phillipe [Rising Edge CEO] described his ambitions for Rising Edge, he mentioned wanting it to be a market-leading MGA. I recommended hyperexponential because I could see the adoption by major insurers like Convex, positioning hyperexponential as the leading pricing platform. An MGA also having the same platform and enjoying the agility and capacity it offers really stands out in the market.”
Read the full blog from hyperexponential here.
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