Markel selects hyperexponential’s next-generation pricing tool

Following a thorough evaluation of pricing solutions on the market, Fortune 500 financial services holding company, Markel, has selected hyperexponential’s next-generation pricing tool, Renew, to transform its underwriting processes in the UK, the global centre for insurance.

Implementing Renew is an essential part of the new target operating model designed to power Markel’s growth strategies.

Markel is powered by three distinct engines: insurance, ventures, and investments. The insurance arm provides protection against some of the world’s most complex risks.

Having grown significantly around the world over the past few years, investing in the right data and technology to empower underwriters is critical to achieving Markel’s goal of being the leading global specialty insurer in its chosen fields.

Markel wanted a new pricing solution that could deliver five core improvements:

1. Build and refine pricing models faster
2. Integrate external data to enhance data-driven pricing
3. Automatically triage risks to prioritise the most profitable business
4. Eliminate manual rekeying of data and improve compliance with regulations
5. Enable automated reporting and real-time portfolio analytics

Simon Cooper-Williams, head of p0ortfolio development and support, Markel, says: “We are committed to ensuring value-add pricing is a core part of the underwriting process, and it is crucial that we continuously innovate to make that possible whilst harnessing the power of data and new technology.

“Our partnership with hx represents a significant investment in elevating our pricing capabilities and I am confident that this will give us a competitive edge and strengthen our position in the market.”

Tom Chamberlain, VP of customer and consulting at hyperexponential, says: “On top of meeting all of Markel’s requirements, Renew reduces the burden on IT capacity and provides access to a wide range of APIs for system integrations.

“We built Renew because we had first-hand experience of inadequate pricing tools and processes. We wanted to make it easier and faster to bring small, sparse and fragmented datasets together.

“Partnering with accomplished businesses like Markel proves we’re building a solution the industry very much needs.”