Howden’s Data Analytics Unit, HX, Launches Insurance Market Information Platform

HX, the data analytics and advisory division of London-based Howden Group Holdings, announced the launch of NOVA, a first of its kind insurance business intelligence platform, which enables users to better understand the insurance market and its drivers.

NOVA amalgamates unique data sets, including proprietary Howden pricing and placement information, loss trends, regulatory submissions and broader market financials, to provide users with a view of the insurance market and competitive dynamics across business lines and regions, said HX in a statement.

Through robust pricing, profit and claims insights, users can better identify market opportunities, anticipate trends, mitigate risk and make data-backed decisions.

Built as a propriety platform by HX, leveraging the latest technology, NOVA has been designed with usability and accessibility at its core, providing users with tools and data visualizations that facilitate a clear understanding of complex insurance data, HX said.

HX noted that users can gauge portfolio performance against peers through the platform, stress test different scenarios, and optimize their portfolio steering with greater accuracy.

The platform has been assessed by several leading insurance firms across Bermuda, U.S. 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 analyze 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,” she added.

David Flandro, managing director at HX, commented: “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 capitalize upon opportunities early, gaining a crucial competitive advantage to boost profitability.”

About HX

HX is Howden Group’s data, digital and analytics arm, formed in 2019 with the aim to digitally transform and accelerate the growth of Howden and DUAL through the effective use of data, analytics and technology. HX comprises over 150 employees working across four business areas: HX Data, HX Markets, HX Analytics and xTrade Digital Marketplace. HX manages Howden Group Holdings’ third-party insurtech investments, as well as incubating its own start-up ventures. It also houses the Group’s capital markets advisory business Howden Capital Markets.

Topics Trends Data Driven New Markets Market