The new model marks a significant expansion for the company into the reinsurance market, aiming to simplify and accelerate the traditionally complex pricing processes used by reinsurers.
Historically, reinsurers have relied on proprietary models to set themselves apart in the market. However, these models often involve intricate and time-consuming procedures. hyperexponential’s new offering addresses this challenge by providing a flexible template that allows reinsurers to build tailored solutions without starting from scratch. The model promises to cut the time required for developing treaty models by up to 80%, allowing reinsurers to work more efficiently.
Developed in collaboration with Deloitte and shaped by feedback from global reinsurers, the model is scalable to meet the needs of reinsurers of all sizes. It will be made available to existing clients through hyperexponential’s hx Renew platform later this month.
The hx Renew platform, which facilitates over $45 billion in gross written premiums (GWP) annually, is an advanced pricing tool that enables underwriters to capture, structure, and analyse their data in one place. Allowing for intelligent, data-driven decisions when pricing complex risks, enhancing the accuracy and speed of the underwriting process.
Jamie Wilson, Head of Pricing & Innovation at hyperexponential, highlighted the importance of this new development for the company. “This is an exciting strategic step for hyperexponential as we continue to expand our offering for the global (re)insurance industry,” he said. “With our treaty model, we’re empowering reinsurers to focus on their unique intellectual property by removing the inefficiencies and costs traditionally associated with building models from the ground up.”
Wilson also emphasised that the advanced capabilities of hx Renew, including real-time reporting and state-of-the-art analytics, will allow reinsurers to conduct detailed analyses, assess portfolio impacts, and ultimately make better-informed decisions to enhance risk selection and profitability.
