According to InsurTech Insights, the business hopes to alleviate pricing process inefficiencies by introducing this solution and providing reinsurers worldwide with a more simplified approach.

Reinsurers no longer need to start from scratch when creating customized pricing solutions thanks to the recently introduced templated reinsurance pricing model.

According to the business, the model can save up to 80% of the time needed to construct treaty models, which might greatly increase client efficiency. Because of its scalability and flexibility, the model can accommodate reinsurers of different kinds.

The new pricing model, which was created in conjunction with Deloitte and improved based on input from international reinsurers, will be accessible via hyperexponential's hx Renew platform later this month.

The platform continues to improve its functionality to assist the re/insurance industry and presently supports over $45 billion in gross written premiums (GWP) yearly.

Jamie Wilson, hyperexponential's head of pricing and innovation, emphasized the new development's strategic significance for the business. He said, "As we continue to expand our offering for the global (re)insurance industry, this is an exciting strategic step for Hyperexponential." "We're enabling reinsurers to concentrate on their distinctive intellectual property by eliminating the inefficiencies and expenses typically linked with creating models from scratch with our treaty model."