hyperexponential (hx), a SaaS pricing platform for insurers, has partnered with Supercede to combine SaaS platforms to enable rapid reinsurance dealmaking.
Founded in 2017 by software engineers and qualified actuaries Amrit Santhirasenan and Michael Johnson, hx provides next-generation pricing software solutions.
The company’s SaaS platform, Renew, helps insurers build, deploy and update their insurance pricing models faster. hx also offers exploratory data analysis (EDA) services to help insurers optimise their data processing and build better models.
Hampered by poor data practices by insurers, hx said reinsurers have been widely neglected by InsurTech’s due to the need for complex structures and models using disparate and specific datasets.
According to hx, the partnership will see reinsures be able to create, validate, broker and quote reinsurance submissions in 29 minutes instead of 12 weeks.
Supercede’s reinsurance platform created a digital cedent submission pack and instantly attaches this to deal data for onward transmission to markets. The company said this accelerates the process used by cedents and brokers in today’s market, cutting a three-month submission preparation period down to just a few hours.
This same deal and risk information is then extracted from Supercede’s reinsurance platform to be instantly ingested into hx’s Renew platform.
Amrit Santhirasenan, co-founder & CEO of hyperexponential, said, “We’re putting the power back in the hands of practitioners! Renew has always linked to underwriters’ and actuaries’ internal systems and databases, but by linking in with industry-wide platforms like Supercede, we can supercharge our productivity gains and push them right up and down the value chain.”
Last year, hx launched a research report highlighting the importance of pricing transformation for specialty insurers.
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