In the rapidly evolving landscape of InsurTech, a new game-changer has emerged: hx Renew. This cutting-edge platform is redefining how actuarial teams operate, offering unprecedented speed, efficiency, and data integration in the insurance pricing process.
hx recently delved into how it is helping actuaries offer faster and smarter insurance pricing.
1. Unleashing Speed and Efficiency in Model Building
The insurance sector, known for its complex and often time-consuming pricing models, is witnessing a paradigm shift with hx Renew.
Aviva’s Head of Pricing for Global Corporate & Specialty, Shyam Bhayani, shared their transformative experience: “We came up with a tight plan, aiming to go live with 20 models by the end of nine months. These are really difficult targets to hit. But any time an issue arose, the hyperexponential team helped us resolve it. The 20 models were completed as planned.” This showcases hx Renew’s capacity to streamline the model development process significantly.
Using Python, hx Renew empowers actuaries to rapidly create and deploy models, a task that traditionally could take months. Its modular framework and automated database generation facilitate a more efficient workflow, turning what was once a bottleneck into a streamlined process.
2. Streamlining Model Refinement and Data Governance
In contrast to the limitations of traditional tools like Excel, hx Renew offers a robust solution that balances speed with robust data governance. This web-based platform provides features like automated batch testing and regression analysis, enhancing both accuracy and governance. George Murphy, Pricing Manager at Antares, emphasized this advantage: “With hx Renew the integrity of the model is automatically validated when changes are made. Any adjustment would traditionally take between 2-4 weeks; with hx Renew this is now less than a week.”
3. Empowering Decision-Making with Rich, Live Data
Beyond model building and refinement, hx Renew stands out as a decision intelligence platform. It integrates a wide range of data types, from internal databases to unstructured external data, enabling actuaries to base decisions on a rich, real-time data set. This integration facilitates more accurate and timely decision-making, crucial in the dynamic insurance market.
The Future of Actuarial Workflows with hx Renew
hx Renew is not just a tool; it’s a transformational shift in how actuaries work and how insurance pricing is approached, it said. The platform’s ability to handle complex tasks with ease and integrate diverse data streams marks a significant advancement in the InsurTech sector. As insurers continue to navigate a rapidly changing landscape, solutions like hx Renew will be essential in maintaining a competitive edge.
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