Charts and visualisations are integral to pricing models, but traditional tools like Excel and standard Python charts come with limitations. What happens if your datatypes differ from what the chart requires? Or if you need to dynamically update your chart based on the insurance layers selected? Highlighting high-risk exposures in red might also be challenging. Performing these tasks in Excel or with standard Python charts can be cumbersome and sometimes impossible.
hx Renew by hyperexponential presents an elegant solution with its Custom User Interface Components (CUICs). CUICs allow users to create powerful visuals that offer deeper insights into data and pricing. These components are fully customisable, enabling users to move beyond simple, static charts to more dynamic and insightful visualisations.
CUICs are not just about adding attractive graphics; they provide essential information for pricing decisions that might otherwise be missed.
By integrating CUICs into models, users advance towards becoming Pricing Decision Intelligence (PDI) experts.
Recognising the importance of CUICs, hx Renew has launched the specialist “Custom UI Component Exam,” a second-tier certification following the “Core Model Developer Exam.” This certification, alongside the “Model Developer API Exam,” helps users become PDI experts, recognising their ability to intelligently implement CUICs in pricing models.
CUICs are written in JavaScript React and use Plotly for chart creation, providing a vast array of chart types, from statistical charts and maps to interactive 3D charts and animations.
Users can customise not only the visual aspects but also the underlying data and logic, such as setting thresholds to highlight high-risk exposures.
Compared to standard charts, CUICs offer a richer variety of visualisation options. For instance, property models can utilise world maps to display risk distribution geographically.
These charts are dynamic, updating based on data selection or custom rules, providing a level of interactivity and customisation that standard tools like Excel cannot match.
While Excel is familiar and easy to use, it has significant limitations in chart customisation and handling large datasets. CUICs retain Excel’s strengths but add enhanced flexibility, interactivity, and customisation, making them a superior choice for modern pricing models.
Underwriters can significantly benefit from CUICs. Various chart types can highlight whether a risk is priced appropriately, such as scatter plots for losses against charged premiums.
Custom rules can be implemented to visually flag data points exceeding certain thresholds, aiding in better risk assessment. CUICs can also be used for portfolio analysis, offering a comprehensive visualisation tool.
No JavaScript expertise is required to use CUIC templates. hx Renew provides templates and extensive training courses, including video tutorials, written instructions, and model files, making it accessible for all users to become proficient in CUICs.
Users can add various data types to CUICs, such as text, decimals, and coordinates. Instructions and video walk-throughs are available to guide users, along with references to Plotly documentation for detailed information on chart properties.
Besides charts, CUICs can incorporate videos, images, and GIFs, enhancing policy overviews by integrating snapshots from third-party providers via APIs.
Obtaining the CUIC certification is crucial for actuaries looking to enhance their professional skills.
The certification validates expertise in creating and using Custom User Interface Components in hx Renew, improving pricing models and supporting team decision-making.
The certification process involves hands-on experience with CUIC templates, understanding customisation, and taking an exam consisting of 25 multiple-choice questions, which can be completed in 20 minutes either online or in person.
Regular examination sessions are available, and users can organise larger sessions for their teams, ensuring everyone can become proficient in using CUICs.
Read the full blog from hyperexponential here.
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