Aviva‘s Global Corporate and Specialty (GCS) has successfully harnessed the power of hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to develop 20 new insurance pricing models within a remarkable nine-month period.
Aviva’s GCS team specialises in providing tailored protection services to brokers and clients, offering flexible risk transfer solutions for assets, both tangible and intangible. This service extends to businesses with turnovers exceeding £250 million and those with complex insurance requirements.
hx Renew, the hyperexponential platform, has significantly enhanced the speed and efficiency of Aviva’s pricing models. By utilising Python and adopting a modular approach, Aviva has accelerated the creation of pricing models, allowing actuaries to allocate their time to higher-value tasks and in-depth business analysis. This improvement has enabled underwriters to respond to broker requests and generate policies in a fraction of the previous time, under 10 minutes as opposed to over an hour. Additionally, data access has been streamlined, reducing the time spent on data processing and enhancing portfolio analysis. This advanced data analysis has empowered Aviva to make well-informed decisions and promptly meet business needs.
Before embracing hx Renew, Aviva relied on Excel spreadsheets for its rating tools and pricing models. This approach resulted in delays in responding to broker requests and potentially jeopardised conversions. Recognising the need for swift development and iteration of pricing models while maintaining accuracy and stability, Aviva explored external solutions and ultimately chose hx Renew.
Shyam Bhayani, Head of Pricing in Aviva’s Global Corporate & Specialty team, emphasised, “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.”
Amrit Santhirasenan, CEO & Co-Founder of hyperexponential, expressed his delight at Aviva’s rapid transformation in pricing and their impressive achievement of building 20 pricing models in just nine months. He also noted that Aviva’s GCS team has plans to explore the full potential of hx Renew’s decision intelligence capabilities through broader systems integrations and the application of Machine Learning, anticipating an exciting next phase in their partnership.
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