Bermuda-based global reinsurer Conduit Re, has selected pricing decision intelligence (PDI) leader hyperexponential’s hx Renew platform to achieve end-to-end underwriting.
Using the PDI platform, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape.
The reinsurer currently leverages hx Renew to price approximately 85% of its business, with the platform supporting the complexity and size of models required for modern reinsurers across all lines of business.
In addition, hyperexponential’s PDI platform also creates a feedback loop that continuously strengthens the data assets, insights, and decisions of insurers.
As a result, this allows for Conduit Re to deliver more accurate account pricing and data-driven portfolio steering.
“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 valuable for the team,” commented Stuart Quinlan, Deputy Chief Executive and COO at Conduit Re.
The pricing data for every piece of business underwritten is now being captured through hx Renew, Conduit Re said.
The company’s team uses this data to inform more advanced analytics such as rate change reporting by class and the development of benchmark class level loss ratios and development patterns.
“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,” said hyperexponential’s VP of Customer and Consulting, Tom Chamberlain.
He continued: “hyperexponential are here to partner with our customers like Conduit Re on their journey in this space and make sure they have the technology and data at their fingertips needed to empower their underwriters..”
