HX, the data analytics and advisory division of Howden Group Holdings, has announced the launch of NOVA, an insurance business platform designed to give users a better understanding of the market and its underlying drivers.
By amalgamating unique data sets – including proprietary Howden pricing and placement information, loss trends, regulatory submissions and broader market financials – HX says NOVA is able to provide users with tools and visualisations that facilitate a clear understanding of complex insurance data.
Built as a proprietary platform by HX, NOVA promises robust pricing, profit and claims insights; enabling users to better identify market opportunities, anticipate trends, mitigate risk and make data-backed decisions.
Users can gauge portfolio performance against peers via various stress test different scenarios, while optimising their portfolio steering with greater accuracy.
Furthermore, the platform has been assessed by several leading insurance firms across Bermuda, US and the London market as protégé clients.
“While data may be ubiquitous across the insurance industry, the market has long needed more homogenous and comprehensive data sets at its fingertips, alongside intuitive and accessible tools in order to analyse this information in real time,” said Michelle To, Head of Business Intelligence at HX.
“Powered by the most uniform and validated collection of insurance data in the market, NOVA has been designed to provide a 360 degree view of the market, to enable insurers to make more robust and strategic decisions.”
David Flandro, Managing Director at HX, added, “As we enter this unique market environment, the ability to identify market opportunities ahead of peers is crucial.
“With market leading data, NOVA users can better identify and capitalise upon opportunities early, gaining a crucial competitive advantage to boost profitability.”