hx Renew used to price 85% of Conduit Re’s business
London, UK - 21 September 2023: Conduit Re the Bermuda-based global reinsurer, achieves end-to-end underwriting with pricing decision intelligence (PDI) leader hyperexponential. Using the world’s first 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 bn.
Conduit Re currently leverages hx Renew to price approximately 85% of its business, with the platform expertly supporting the complexity and size of models required for modern reinsurers across all lines of business.
Out with dark age pricing, and in with pricing decision intelligence
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. When the company realised hyperexponential had gone through the Lloyd’s Lab alongside some other products it was considering, and had out-of-the-box integrations with these tools, hx Renew was a clear winner.
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.
Stuart Quinlan, Deputy Chief Executive and COO at Conduit Re, said: “No data put into hx Renew is lost. With Excel, everything gets trapped in a spreadsheet and is unusable in the long run. 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”
Advanced data capture and decision intelligence? Easy as ABC
The pricing data for every piece of business underwritten is now being captured through hx Renew. 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.
hyperexponential’s VP of Customer and Consulting, Tom Chamberlain, commented on the partnership: “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. hyperexponential are here to partner with our customers like Conduit Re on their journey in this space and make sure they have the technology and data at their fingertips needed to empower their underwriters..”
The decisions insurers make drive innovation and empower society to outsmart the unknown – unlocking hidden potential in the world. hyperexponential has built the world’s first pricing decision intelligence platform for insurers, hx Renew. It 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.
Some of the most established insurance brands write over $22bn of premium annually in hx Renew. hyperexponential is backed by Highland Europe, a global leader in software innovation. The company is headquartered in London, with an office in Warsaw.
About Conduit Re
Conduit Re is a Bermuda-based global reinsurer launched in December 2020 following Conduit Holdings, the Conduit Group's holding company, completed a successful IPO on the London Stock Exchange, raising US $1.1 billion.
Conduit Re leaders Neil Eckert and Trevor Carvey set out to build a high-quality underwriting franchise across a broad spectrum of underwriting classes in property, specialty, and casualty.
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