According to hyperexponential, 80% of actuarial time is not spent on actuarial work. What can insurers do to free up more time and get the best out of their teams?
In a recent eBook, hyperexponential outlined how its Renew solution equips the modern insurer with the ability to “transform the way they work” – a business imperative in today’s rapidly changing market.
The solution allows tools to be developed within days or weeks, allowing actuaries to build their own pricing models on the dedicated SaaS platform. Training is also provided as part of the package, with example models with specialty insurance specific components also available to customise.
Hyperexponential said the value of this to businesses is “huge”, Renew accelerates the realisation of business value of having a fully integrated pricing landscape with rich MI for business steering, positively impacting underwriting profitability. The company added that its customers with small teams, have been able to build out their entire suite of pricing models as part of a fully integrated workflow in less than a year.
In addition, actuaries need to be able deploy pricing tools to their underwriters at speed, without depending on external vendors or IT teams. hx Renew is ten times faster to deploy a new model compared to traditional pricing tools, hyperexponential said. This promotes a more collaborative way of working between actuaries and underwriters.
Moreover, actuaries need to be able to make changes fast, themselves, and at no cost. Hyperexponetial’s Renew, with its web-based SaaS platform allows just this. Actuaries can make changes to models at “excel-like” speed and can run automated batch-testing and ‘what-if’ analysis, plus automated regression testing which checks for calculation error.
Further benefits of the platform include real-time rate change monitoring and access to portfolio data and third-party data to enable data-driven decisions.
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