A Press release from the pricing decision intelligence platform hyperexponential has revealed that Aviva’s Global Corporate and Specialty (GCS) team has utilised its Pricing Decision Intelligence (PDI) platform, hx Renew, to build 20 new insurance pricing models in nine months. These models are now used by underwriters to create new policies in under 10 minutes (compared to over one hour previously).
Among the key benefits of the platform, hyperexponential revealed that Aviva’s GCS team has been able to deliver reliable pricing models in record time, freeing actuaries to focus on higher-value actuarial work and business analysis. In addition, the improved performance and reliability of the models allow underwriters to respond to brokers and create policies more quickly.
Commenting on the join-up, Shyam Bhayani, head of pricing in Aviva’s GCS team said: “We’re able to identify quickly where the business isn't performing and where decisions are needed simply because we have more data. We spend less time cleaning data and less time on workarounds to patch it up. This all means we can do the analysis, make decisions, and get back to underwriters faster.”
hyperexponential’s CEO & co-founder, Amrit Santhirasenan also discussed Aviva’s utilisation of the platform and said the hyperexponential team is “delighted” to see the insurance giant achieve such a high level of pricing transformation in such a short time span.
“Building 20 pricing models in just nine months is a remarkable achievement,” Santhirasenan said. “With the GSC team’s sights now set on unlocking the full value of hx Renew’s decision intelligence capabilities through wider systems integrations and the application of Machine Learning, I’m extremely excited for the next phase of our partnership.”
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