What is pricing decision intelligence?
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.
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
Create a continuous feedback loop
Pricing decision intelligence is the heart of your decision engine, automatically capturing every decision in your workflow to drive the tight feedback loops that give you the edge others can’t find. 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 or fragmented insurance pricing data
Rapidly build powerful models that help underwriters make better decisions
Capture and surface the right data at the right time
Make it easy for your entire pricing team to collaborate with confidence