hyperexponential, a global pricing platform provider for re/insurers, has introduced its first templated reinsurance pricing model, designed for treaty reinsurance, including Excess of Loss (XoL) agreements.
Introducing this solution, the company aims to address inefficiencies in pricing processes, offering a more streamlined approach for reinsurers globally, according to InsurTech Insights.
The newly launched templated reinsurance pricing model allows reinsurers to build customised pricing solutions without having to start from scratch.
The company claims the model can reduce the time required to develop treaty models by up to 80%, which could significantly improve efficiency for its clients. The model is designed to be flexible and scalable, meeting the needs of reinsurers of all sizes.
Developed in collaboration with Deloitte and refined through feedback from global reinsurers, the new pricing model will be available later this month on hyperexponential’s hx Renew platform.
The platform currently facilitates over $45bn in gross written premiums (GWP) annually and continues to enhance its features to support the re/insurance sector.
Jamie Wilson, head of pricing and innovation at hyperexponential, emphasised the strategic importance of this new development for the company. “This is an exciting strategic step for hyperexponential as we continue to expand our offering for the global (re)insurance industry,” he said. “With our treaty model, we’re empowering reinsurers to focus on their unique intellectual property by removing the inefficiencies and costs traditionally associated with building models from the ground up.”
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