Conduit Re implements pricing intelligence platform
Bermuda-based Conduit Re has implemented what is being described as the world’s first pricing intelligence platform to rapidly price and adapt its rates.
Conduit Re is using the hx Renew platform developed by hyperexponential to rapidly develop and iterate its pricing models and rating landscape and is now using it for about 85% of its business, hxRenew creator Hyperexponential said in a release.
Hyperexponential said: “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, the company.
“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. “
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.”
Hyperexponential said the platform captures the pricing data for every piece of business underwritten and the data is used to inform more advanced analytics such as rate change reporting by class and the development of benchmark class level loss ratios and development patterns.
Tom Chamberlain, vice president of customer and consulting, hyperexponential, said: “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.”