What is pricing decision intelligence?

Explore pricing decision intelligence and why it's crucial for insurers looking for the edge in today's relentless market

Decision intelligence is the creation of a tight, iterative feedback loop between data, insights, and the decisions they drive, in such a way that decision making gets better over time.

Why is pricing decision intelligence important?

Pricing is the most important driver of the bottom line, but few insurers have meaningfully changed how they make pricing decisions, despite the potential of new technologies. Pricing platforms weren't built to help you make better decisions in rapidly evolving risk landscapes. They help insurers derive a price from complex calculations, but so much more than that goes into a final pricing decision. Effective decisions are reliant on predictive data and deep insights. As traditional data sources become commoditized, insurers must look to more challenging datasets for comparative advantage. The businesses that can elicit value from small, sparse, or fragmented data will make the most impactful decisions.

How you leverage your unique landscape of data and insights defines your comparative advantage

Consequences of a broken decision system

Even the slightest weakness in the decision engine can lead to ineffective decisions that reverberate throughout the business

Failure to capture and surface data deprives underwriting decisions of emerging insights

Inability to rapidly deploy models means actuarial insights lag behind the market

Lack of collaboration and feedback loops weakens customer experience

Insufficient automation and scalability saddles IT with busywork and impedes responsiveness

This is where pricing decision intelligence comes in

Build a decision intelligence engine

With pricing decision intelligence, you automatically capture every decision in your workflow to drive a tight feedback loop between data, insights, and decisions.

Make pricing decisions with complete context

Leverage the full value of your data landscape when making decisions, pulling in everything you need to make the right call, at the point of pricing.

Build a data asset that gets smarter over time

It enables you to generate strategic insight from your BAU pricing actions and creates a virtuous cycle that helps you make smart decisions today, and even smarter decisions tomorrow.

Your world with pricing decision intelligence

hx Renew is the world’s first pricing decision intelligence platform. It’s the only system purpose built for the reality of small, sparse, and fragmented insurance pricing data