Conduit Re, the Bermuda-based global reinsurer, is achieving end-to-end underwriting with pricing decision intelligence (PDI) company hyperexponential.
Using the PDI platform, hx Renew, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape.
Conduit Re is a pure-play, global reinsurer, with expertise spanning across property, casualty and specialty. The company launched in December 2020, following Conduit Holdings completing an initial public offering on the London Stock Exchange, that raised approximately $1.1 billion.
Conduit Re currently uses hx Renew to price approximately 85% of its business, hyperexponential explained.
As a fast-growing startup, Conduit Re wanted the ability to rapidly develop and iterate its pricing models and rating landscape, with no tolerance for time-consuming manual processes such as data rekeying, hyperexponential said, noting it had participated in Lloyd’s Lab, the Lloyd’s innovation accelerator.
The PDI platform creates a feedback loop that continuously strengthens the data assets, insights, and decisions of insurers. This feedback loop helps Conduit Re 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,” commented Stuart Quinlan, deputy chief executive and COO at Conduit Re.
“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,” Quinlan added.
The pricing data for every piece of business underwritten is now being captured through hx Renew, Conduit Re said. The 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 Tom Chamberlain, hyperexponential’s VP of Customer and Consulting.
hyperexponential says it has built the world’s first pricing decision intelligence platform for insurers, hx Renew, which “reimagines the flow from data to decision, creating a feedback loop that continuously strengthens the data assets, insights, and decisions of insurers and ultimately their bottom line.” Backed by software company Highland Europe, hyperexponential is headquartered in London, with an office in Warsaw.
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