Specialty insurer and reinsurer Inigo has announced that it will use the Renew platform from insurtech hyperexponential in an effort to enhance its pricing capability and increase operational efficiency.
Inigo intends to integrate Renew with all internal systems, including its underwriter workbench and policy admin systems.
The company says the platform met its criteria for a cloud-based platform that enables actuaries to develop and deploy advanced pricing models whilst integrating efficiently with its IT systems landscape.
Renew also provides data enrichment through API integrations with 3rd parties and should contribute to faster model development, Inigo says.
“Since its early days of being a start-up in the Lloyd’s Lab, it’s great to see how hyperexponential have not only created a modern cloud-based pricing platform designed for the next generation of actuaries and underwriters, but also a scalable and flexible solution that should enable our digital and technology strategy,” explained Erdal Atakan – Chief Information Officer, Inigo
During the initial evaluation process, the hyperexponential team collaborated with Inigo to develop a proof-of-concept D&O insurance model, which accelerated the insurer’s project and will be one of the first models to be deployed in the Renew platform.
Following the integration, Inigo says it will aim to increase its agility in deploying pricing models whilst also ensuring an integrated experience for underwriting teams.
