Aviva’s Global Corporate and Specialty (GCS) team has announced it is using hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to deliver pricing models in record time.
Thanks to hx Renew, the GCS team has been able to build 20 new insurance pricing models in just nine months. Now underwriters can create new policies in under ten minutes, when it previously used to take over an hour.
The platform gives underwriters the ability to build in the popular coding language Python, and takes a modular approach to designing and implementing rating tools.
The reliability of the models eliminates the need for the pricing team to spend valuable time fixing bugs and faults, as had been the case for their previous excel-based models, freeing actuaries to focus on higher-value actuarial work and deeper business analysis, hyperexponential explains.
Improved access to data is reducing time spent on data processing and powering portfolio analysis. The GCS team is exploring batch testing in hx Renew, enabling fast impact analysis. The deeper analysis, Aviva stated, is helping the teams make more informed decisions.
Shyam Bhayani, Head of Pricing in Aviva’s Global Corporate & Specialty team, said: “We’re able to quickly identify where the business isn’t performing and where decisions are needed simply because we have more data.
“We spend less time cleaning data and less time on workarounds to patch it up. This all means we can do the analysis, make decisions, and get back to underwriters faster.”
Prior to hx Renew, Aviva used Excel spreadsheets for its rating tools and pricing models, which used to take 20 to 30 minutes to simply open the software and download the data.
Alongside being a huge drain on underwriters’ time, it meant pricing actuaries were spending too much time on mundane tasks such as investigating and fixing bugs across their 20 separate rating tools. This would delay underwriters in responding to brokers requests, putting potential conversions at risk.
hyperexponential’s CEO & Co-Founder, Amrit Santhirasenan stated: “We are delighted to see Aviva achieve such a high level of pricing transformation in such a short timespan with hx Renew. Building 20 pricing models in just nine months is a remarkable achievement.
“With the GSC team’s sights now set on unlocking the full value of hx Renew’s decision intelligence capabilities through wider systems integrations and the application of Machine Learning, I’m extremely excited for the next phase of our partnership.”
