Secure, flexible, streamlined: 5 key benefits of hx Renew for IT

hx Renew is the world’s first pricing decision intelligence platform. While unlocking significant value and industry-leading performance across the pricing process, it’s also easy to implement within your existing systems in a flexible, scalable, and secure way— and it streamlines your operations.  

1. Flexible implementation, rapid development 

Flexible and versatile  

hx Renew is designed to accommodate a wide array of operational strategies, technical infrastructures, and business objectives, offering insurers and their IT teams a multitude of implementation pathways. Insurers can choose between an interactive, headless, or hybrid interface. 

Ensure efficiency and consistency 

Many insurers grapple with poorly connected systems and disparate practices across different points of the pricing workflow. hx Renew helps to address these concerns by enabling: 

1. A consistent back-office experience: By offering a unified system for all back-office functions, including integrations and common libraries, operations become much smoother. This consistency also ensures stronger reporting, with a lighter lift. 

2. A system that evolves with you: As your organizational architecture changes over time, hx Renew adapts alongside it. Your pricing ecosystem remains at the cutting-edge without requiring constant manual updates—no more postponing projects or new tools because integrating them into your workflow would be difficult or impossible.  

3. Universal platform for pricing: Offering a single platform for all pricing activities, hx Renew can help facilitate a global approach to implement pricing strategies and enhance consistency across different markets and lines of business. 

2. Rapid model development and iteration, with a lower overhead for IT teams 

The ability to quickly develop and iterate models is a key advantage, unlocking stronger decision-making and reducing the risk of pricing with outdated or unprofitable models. hx Renew significantly reduces the IT burden associated with model deployment by empowering pricing teams to own more of the pricing workflow. 

In hx Renew models are developed in Python, in a modular environment that reduces replicated effort and helps ensure consistency. The live and test environments for models sit "side by side" in the platform, so deploying a model or a change to underwriters takes only a few clicks.   

Pricing teams can directly integrate approved third-party data sources to enrich decision-making. Leveraging powerful and flexible APIs, integration with upstream and downstream systems is fast and efficient.  

Speed is balanced with security; IT teams have the tools to establish governance frameworks and ensure compliance and checks when models or updates are released into production. This collaborative approach between the pricing and IT teams fosters a dynamic environment where that moves at the speed of the market, supported by a solid foundation of control and oversight. 

3. Rich decision-making fueled by quality data 

hx Renew unlocks high-quality data for decision-making with a rich array of zero-effort external data feeds.   

Some data integrations (from Companies House to CyberCube) come ready “out of the box”. If you are looking to integrate with a new source as part of your bespoke data ecosystem, setting up new integrations is straightforward, and can be done either internally or with hyperexponential support depending on preference.  

Even where data is not available via API, hx Renew enables ingestion from data sources with open-source flexibility– whether it’s scraping websites, ingestion of files from your network or links to databases. Because your pricing models are built in Python, anything you can call from Python can be included in your model!  

Changes within the system are reflected swiftly in your data warehouse or lake, ensuring that your data repositories remain a true reflection of the current state of affairs. This real-time synchronization enhances the accuracy of reporting and analytics while improving the responsiveness of your organization to new information and insights. 

Minimized IT intervention, maximized focus 

With the complexity of setting up and maintaining data integrations significantly reduced, hx Renew minimizes the need for intensive IT intervention. This frees up IT teams to concentrate on more strategic initiatives, rather than getting tangled in the weeds of time consuming, clunky data management. 

4. Future-proofed 

Leveraging hx Renew ensures insurers are set up to take advantage of future developments, rather than falling behind. 

AI and machine learning are all the buzz in the insurance industry these days, but the underlying foundation of this kind of development is clean, rich, quality data. With hx Renew, the what and the why of every decision you make is recorded to inform future decision making, and future GenAI applications.

5. Secure and resilient  

Protecting the confidentiality, integrity, and availability of data is priority one —and a strong foundation of trust is critical for IT teams tasked with safeguarding company data against ever-evolving cyber threats. hx Renew’s enterprise-level support and infrastructure is already trusted by leading insurers such as Aviva, Markel and Convex to support their pricing.  

Our commitment to security and performance is backed by a 99.5% Service Level Agreement (SLA) and robust security credentials, including an ISO27001 certification. 

A controlled environment for pricing 

For many insurers, managing peer reviews, referrals, and sanctions checking are often labor-intensive and prone to human error, leading to potential oversights and inadvertent breaches of regulations.  

hx Renew streamlines peer review and referral workflows while maintaining a complete audit trail. It seamlessly integrates with communication platforms like email, Slack, and Teams for automated notifications and escalations. Underwriter authorities and guidelines are embedded within models to ensure compliance.  

The result is a safe, resilient operational environment with a reduced administrative burden for IT teams.  

Ready to unlock new possibilities and streamlined operations? 

To discover how hx Renew could optimize your operations, drive stronger decision-making, and ultimately drive business success, book a call today.