Revolutionizing Insurance: How Aviva Utilized Hyperexponential’s Platform to Develop 20 Pricing Models in Record Time

In a remarkable achievement, Aviva Global Corporate and Specialty (GCS) has successfully leveraged Hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to expedite the creation of 20 new insurance pricing models in just nine months. This significant progress has transformed Aviva’s underwriters’ ability to generate new policies in under 10 minutes, a drastic improvement from the previous duration of over an hour.

Accelerating Model Creation with Hx Renew

Aviva’s utilization of hx Renew’s robust platform has proven instrumental in transforming the speed and efficiency of their insurance pricing model creation process. By adopting a modular approach and incorporating the power of Python, Aviva has streamlined their model creation process, freeing up actuaries to focus on higher-value tasks and in-depth business analysis.

The integration of hx Renew has enabled Aviva to overcome the limitations of using Excel spreadsheets for rating tools and pricing models. With hx Renew, Aviva has gained the capability to create, test, and refine pricing models at a rapid pace. This has not only accelerated the model creation process but has also improved accuracy and stability.

Streamlined Data Access and Processing

Hx Renew has also revolutionized Aviva’s access to data and data processing capabilities. With simplified data access and streamlined processes, Aviva has significantly reduced the time previously spent on data processing. This efficiency enhancement has facilitated more effective portfolio analysis, empowering Aviva to make data-driven decisions promptly.

Transition from Excel spreadsheets to hx Renew

Recognizing the need for rapid development and iteration of pricing models while maintaining accuracy and stability, Aviva sought external solutions and ultimately selected hx Renew. This transition from Excel spreadsheets to an intelligent and agile platform has proven essential for Aviva’s ability to meet the evolving business needs and stay ahead in the competitive insurance landscape.

Improved Decision-Making and Responsiveness

Shyam Bhayani, Head of Pricing in Aviva’s Global Corporate & Specialty team, enthuses about the impact of improved data analysis afforded by hx Renew. Bhayani states, “We’re able to quickly identify areas where the business isn’t performing and where decisions are needed simply because we have more data.” This enhanced decision-making capability has empowered Aviva to respond promptly to business needs and make more informed decisions.

Achievements and Future Prospects

Aviva’s ability to build 20 pricing models within a span of nine months is a testament to their commitment to innovation and efficiency. This remarkable feat highlights the transformative potential of utilizing intelligent platforms like hx Renew in the insurance industry.

Looking toward the future, the GCS team at Aviva has set their sights on unlocking the full value of hx Renew’s decision intelligence capabilities through wider systems integrations and the application of machine learning. These advancements will undoubtedly provide Aviva with a competitive edge, enabling them to further optimize their pricing strategies, enhance customer satisfaction, and drive business growth.

Aviva’s adoption of hx Renew has not only revolutionized their insurance pricing model creation process but has also enhanced their decision-making capabilities and responsiveness. By leveraging the power of hx Renew’s intelligent platform, Aviva has expedited the creation of pricing models, streamlined data access and processing, and made more informed and prompt business decisions. As Aviva continues to push the boundaries of innovation, their partnership with hx Renew sets the stage for a future marked by greater efficiency, accuracy, and business growth in the insurance industry.

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