Unlocking the power of data capture in underwriting

The Data Capture Dilemma in Underwriting

Effective data capture empowers insurers to make smarter, faster underwriting decisions - transforming raw information into a strategic advantage. Yet, despite this valuable competitive advantage, underwriters still struggle with inefficient and fragmented data capture processes. From broker submissions to policy administration, data often gets trapped in spreadsheets, siloed across different systems, or lost in translation between tools. This inefficiency stifles strategic decision-making, slows down workflows, and prevents insurers from leveraging data as one of their most valuable assets.

Data cleansing is an essential component of any underwriting workflow. But beyond cleansing, equipping underwriters with the ability to capture more granular data can significantly improve workflows and outputs.

Take exposure data, for example. Capturing granular exposure data and enabling underwriters to surface this during a renewal would make cleansing, reconciliation and validation less of a burden. Without this granular data, underwriters would still need to undertake these core processes manually, using siloed tools – increasing the risk of human error whilst significantly adding to the volume of administrative work needed.

The industry’s reliance on spreadsheets and outdated pricing tools has meant that critical submission data, pricing factors, and underwriting insights often remain stuck in disconnected files, making it difficult to analyze trends, segment risks, or optimize portfolios.

The Data Capture Opportunity

Capturing Granular Data for Smarter Underwriting

hx Renew ensures that no data point ever gets lost. By capturing and structuring all accessible underwriting data—including submission details, bound decisions, and everything in between—hx Renew eliminates the limitations of traditional tools like Excel. Unlike static spreadsheets, which store information in silos, hx Renew transforms data into an accessible, dynamic asset for pricing and underwriting insight.

This granular data capture unlocks two key benefits:

• Renewal Efficiency – By automatically flagging year-over-year differences, underwriters can make more informed decisions without relying solely on assumptions (or a word of assurance). This enhances accuracy, flags errors automatically, and streamlines reconciliation efforts. In addition, renewal models can pre-populate expiry data, so underwriters do not need to start from scratch at every interval.

• Strategic Portfolio Steering – Data can be segmented by exposure, geography, or any other parameter, enabling insurers to identify trends, uncover new opportunities, and steer their portfolios strategically.

Unlocking the Hidden Value in NTU and Declined Risks

Not-taken-up (NTU) and declined risks hold valuable underwriting insights—yet most insurers fail to leverage them effectively. Without structured data capture, information remains buried in outdated systems or long-lost spreadsheets, inaccessible when it’s needed most.

hx Renew changes that. Every declined risk is automatically stored and structured, eliminating the manual effort of retrieving and re-keying historical data from years-old, inconsistently formatted spreadsheets. This creates a massive competitive advantage by:

• Identifying patterns in declined business to refine underwriting strategies.

• Understanding long-term market trends to anticipate shifts in demand.

• Informing strategic underwriting decisions with a holistic view of risk appetite.

By ensuring no data is lost or siloed, hx Renew empowers insurers to turn overlooked information into actionable intelligence—driving better decision-making and long-term profitability.

hx Renew - Create a vital strategic underwriting data asset

By addressing the root cause of data inefficiencies, hx Renew enables insurers to move beyond manual processes and unlock the full potential of their underwriting data. The result? Faster, smarter pricing decisions, improved profitability, and a significant competitive edge.

Want to see how hx Renew can revolutionize your underwriting data strategy? Request a demo today.