hyperexponential launches new reinsurance model template
2 minutes
The model expands hyperexponential's offering for reinsurers and accelerate's deployment of treaty models by up to 80%
LONDON, 21 October 2024 — hyperexponential, the leading pricing and underwriting platform for global (re)insurers, today announced the launch of its first templated reinsurance model.
The new model is for treaty reinsurance, including Excess of Loss (XoL), and is now available to existing customers through hyperexponential’s hx Renew platform. hyperexponential developed the model in collaboration with Deloitte and feedback from global reinsurers. The model has been designed to be scalable for reinsurers of all sizes – from those writing modest treaty business to global players managing multi-billion-dollar portfolios.
Jamie Wilson, Head of Pricing and Innovation at hyperexponential, commented:
“This is an exciting strategic development for hyperexponential as we continue to broaden the breadth of our offering for the global (re)insurance industry. With our treaty model, we’re empowering reinsurers to focus on their unique intellectual property by removing the inefficiencies and cost traditionally associated with building models from the ground up. This will allow reinsurers to significantly accelerate their creation of customised models, helping them trade more dynamically. hx Renew’s advanced data capabilities, real-time reporting and state-of-theart analytics will also help reinsurers run detailed analyses, assess portfolio impacts, and ultimately make more informed decisions to improve risk selection and profitability.”
While reinsurers use proprietary models to set themselves apart in the market, the industry has historically relied on complex and often time-consuming pricing procedures. With proprietary models sharing common elements, much of the ground-up building work that takes places is duplicative and unnecessary.
In response, hx has created a flexible template that empowers reinsurers to build tailored solutions without starting from scratch, reducing development time by up to 80%.
hyperexponential’s platform, hx Renew, sees over $45bn of GWP contracted through it annually. hx Renew is an intuitive pricing platform that enables underwriters to capture, structure and analyse their data in a single place, allowing them to price complex risk with intelligent, data-backed decisions. Using hx Renew, insurers can create powerful, flexible pricing tools that improve risk selection and portfolio management, while reducing quote turnaround time by up to 50%. hx Renew has led to an average 1- 2% loss ratio improvement for clients.
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About hyperexponential:
hyperexponential is a leading digital pricing platform designed to enable (re)insurers to increase their precision and efficiency. With a combined 30 years of experience designing pricing and analytics ecosystems in the industry, our co-founders saw an opportunity to transform the market and developed the world’s first pricing decision intelligence platform, hx Renew.
Some of the most established insurance brands now write over $45bn of premium annually through hx Renew, including Aviva, Munich R e, and Markel. The company is headquartered in London, with offices in Warsaw and New York.
