Utilising hyperexponential’s groundbreaking PDI platform, hx Renew, Conduit Re has streamlined its underwriting processes and gained the capability to swiftly develop and refine its pricing models and rating framework.
Conduit Re, a pure-play reinsurer operating worldwide across Property, Casualty, and Specialty lines, was established in December 2020, following Conduit Holdings’ successful Initial Public Offering on the London Stock Exchange, raising approximately $1.1 billion in capital.
Currently, Conduit Re leverages hx Renew to price approximately 85% of its business. The platform adeptly accommodates the complexity and scale of pricing models necessary for modern reinsurers, spanning all segments of the industry.
Out with Traditional Pricing, In with Pricing Decision Intelligence
In its quest for agility and precision, Conduit Re, as a rapidly growing startup, sought a solution that would allow for the rapid development and fine-tuning of pricing models and rating structures, eliminating time-consuming manual tasks such as data rekeying. Upon discovering that hyperexponential had undergone trials at Lloyd’s Lab and offered seamless integrations with other tools the company was evaluating, choosing hx Renew was an obvious decision.
The PDI platform establishes a feedback loop that continuously enhances insurers’ data assets, insights, and decision-making processes. This feedback mechanism empowers Conduit Re to deliver more precise account pricing and data-informed portfolio management, ushering in a new era of pricing intelligence.
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”
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..”
Source: Hypoexponential
