Aviva‘s Global Corporate and Specialty (GCS) has leveraged hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to build 20 new insurance pricing models in just nine months.
The firm has utilised hx Renew, to create these models which are now being used by underwriters to generate new policies in under 10 minutes, a significant improvement from the previous duration of over an hour.
Aviva’s Global Corporate and Specialty (GCS) team provides tailored protection services to brokers and clients, offering flexible risk transfer solutions for both tangible and intangible assets. This support extends to businesses with turnovers exceeding £250m and those with complex insurance needs.
The introduction of the hyperexponential platform, hx Renew, has significantly improved the speed and efficiency of Aviva’s pricing models. By enabling the use of Python and adopting a modular approach, Aviva has been able to expedite the creation of pricing models, freeing up actuaries to focus on higher-value tasks and in-depth business analysis. This enhancement has allowed underwriters to respond to broker requests and generate policies more swiftly. Additionally, access to data has been streamlined, reducing the time spent on data processing and enhancing portfolio analysis. This improved data analysis has empowered Aviva to make more informed decisions and respond promptly to business needs.
Prior to adopting hx Renew, Aviva relied on Excel spreadsheets for its rating tools and pricing models. This approach led to delays in responding to brokers’ requests, posing a risk to potential conversions. Recognising the need for rapid development and iteration of pricing models while maintaining accuracy and stability, Aviva decided to explore external solutions and ultimately selected hx Renew.
Shyam Bhayani, Head of Pricing in Aviva’s Global Corporate & Specialty team, stated, “We’re able to identify quickly where the business isn’t performing and where decisions are needed simply because we have more data. We spend less time cleaning data and less time on workarounds to patch it up. This all means we can do the analysis, make decisions, and get back to underwriters faster.”
hyperexponential’s CEO & Co-Founder, Amrit Santhirasenan stated: “We are delighted to see Aviva achieve such a high level of pricing transformation in such a short timespan with hx Renew. Building 20 pricing models in just nine months is a remarkable achievement. With the GSC team’s sights now set on unlocking the full value of hx Renew’s decision intelligence capabilities through wider systems integrations and the application of Machine Learning, I’m extremely excited for the next phase of our partnership.”
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