The Global Corporate and Specialty (GCS) team at insurance firm Aviva has started using hyperexponential and its Pricing Decision Intelligence (PDI) platform, hx Renew, to build 20 new insurance pricing models in just nine months.
This is now used by underwriters to create new policies in under 10 minutes.
The ability to build in Python on hx Renew and take a modular approach has enabled Aviva and its GCS team to deliver pricing models in record time.
Furthermore, the reliability of the models eliminates the need for the pricing team to spend valuable time resolving bugs and faults. As a result, performance and reliability improved.
Also, improved access to data is reducing time spent on data processing and powering portfolio analysis.
Prior to hx Renew, Aviva’s reliance on Excel spreadsheets for its rating tools and pricing models meant it was taking too much time to open the software and download data. Alongside being a huge drain on underwriters’ time, it meant pricing actuaries were spending too much time on mundane tasks such as investigating and fixing bugs across their 20 separate rating tools.
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“We’re able to identify quickly where the business isn’t performing and where decisions are needed simply because we have more data,” explained Shyam Bhayani, head of pricing in Aviva’s Global Corporate & Specialty team. “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.”