NOVA can also be used to stress test customer’s portfolios. Credit: Gerd Altmann from Pixabay.

Howden Group’s data analytics and advisory unit HX has launched a data-driven insurance business platform, dubbed, NOVA.

The new platform is designed to help users understand the insurance market and the factors that drive it.

NOVA gives an insight into the insurance market by leveraging Howden’s proprietary pricing and placement information and integrating it with unique data sets like loss trends, regulatory submissions and market financials.

It will also allow users to make informed decisions, tap into new opportunities, predict trends, and also mitigate risks leveraging the insights provided by the platform.

HX’s proprietary platform can also be used to stress test customer’s portfolios, compare them with peers’ portfolios to identify the weak areas and address them.

HX noted that several insurers across Bermuda, the US and the London market have evaluated the platform as protégé clients.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Life Insurance International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HX business intelligence head Michelle To said: “Powered by the most uniform and validated collection of insurance data in the market, NOVA has been designed to provide a 360-degree view of the market, to enable insurers to make more robust and strategic decisions.”

HX managing director David Flandro said: “As we enter this unique market environment, the ability to identify market opportunities ahead of peers is crucial. With market-leading data, NOVA users can better identify and capitalise upon opportunities early, gaining a crucial competitive advantage to boost profitability.”

Last month, insurance broker Howden launched an environmental, social and governance (ESG) focused sustainable insurance carrier, Parhelion.