Inigo partners with hyperexponential to improve pricing strategy
Lloyd’s specialty re/insurer Inigo has partnered with London-based insurtech hyperexponential (hx) to improve its pricing strategy whilst increasing its operational efficiency.
Hyperexponential is a SaaS pricing platform for the insurers that allows actuaries and underwriters to develop complex pricing models.
Inigo works exclusively with the broker intermediary market to serve large commercial and industrial enterprises. It provides cover for a multitude of territories, specialising in a select number of high-risk, high-capacity insurance and reinsurance lines.
Inigo will deploy hyperexponential's pricing platform to enable actuaries to develop and deploy advanced pricing models whilst integrating efficiently with its IT systems landscape. hx offers a modern platform for its underwriters to price risks, integrating fully with its underwriter workbench to create a ‘single pane of glass’ and avoid rekeying of data. Additionally, it enables insight generation for executives and underwriters to positively impact efficiency and profitability.
Inigo intends to integrate Renew seamlessly with all internal systems, including its underwriter workbench and policy admin systems. The platform also provides data enrichment through easy API integrations with third parties to enable data-driven decision-making. Inigo expects to see faster model development, reducing time to market.
Erdal Atakan, chief information officer, Inigo, said: During the initial evaluation process, the hyperexponential team collaborated with Inigo to develop a proof-of-concept D&O insurance model, which accelerated the insurer’s project and will be one of the first models to be deployed in the Renew platform. Following the integration, the Inigo team is aiming to increase its agility in deploying and enhancing pricing models whilst creating a seamless and integrated experience for their underwriting teams.
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