Through its Lloyd’s syndicate, Inigo works exclusively with the broker intermediary market and serves some of the world’s largest commercial and industrial enterprises. Moreover, the company provides reinsurance to leading insurers across the globe, and it leverages data science to expand the way companies view risk while promoting new perspectives and better decision-making.
By partnering with Hyperexponential, Inigo aims to improve its pricing capability while increasing its operational efficiency. The company’s pricing and technology strategy needed a cloud-based platform that allows actuaries to develop and deploy advanced pricing models while integrating efficiently with its IT systems.
In essence, the insurer was looking for a modern platform for its underwriters to price risks, integrating fully with its underwriter workbench to avoid rekeying of data. The company also wanted to enable insight generation for executives and underwriters in order to improve efficiency and profitability.
Eventually, Inigo decided to leverage Hyperexponential’s Renew, which is a SaaS pricing platform for insurers that allows actuaries and underwriters to develop complex pricing models.
According to Hyperexponential, Renew represents a web-based SaaS pricing platform that was custom-built for the small, sparse and fragmented datasets that dominate speciality and commercial insurance and reinsurance. The platform enables progressive reinsurers such as AEGIS, Convex, and Aviva to make better pricing and underwriting decisions based on real-time data, build, deploy and refine smarter pricing models with speed, and drive improvements in loss ratios thus increasing profits.
Inigo plans to integrate Renew seamlessly with all of its internal systems, including its underwriter workbench and policy admin systems. The platform offers data enrichment through easy API integrations with 3rd parties to support data-driven decision-making. As a result, Inigo should be able to reduce time to market through a faster model development procedure.
Inigo officials cited by ffnews.com revealed that the initial evaluation process involved a collaboration between the Hyperexponential team and Inigo to develop a proof-of-concept D&O insurance model. This model streamlined the insurer’s project and is set to become one of the first models to be deployed in the Renew platform.
The Inigo team hopes that this integration will improve its ability to deploy and enhance pricing models while creating a seamless and integrated experience for the underwriting teams.
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