04 Nov hx welcomes inari to renew connect
Driving innovation through ecosystems: together, we make access to innovation for our customers agile and fast
INARI brings together Underwriting, Policy Administration, Risk Management, Compliance & Reporting under a modular and fully governed insurance platform. By partnering together, hx and INARI form a sophisticated end-to-end solution designed to support the modern underwriter, with seamless data integration improving efficiency and enriching underwriting with actuarial insights.
Historically, the insurance market has been reliant on monolithic system infrastructure and siloed teams to manage a lot of the vital work at the core of underwriting and managing risks. The result: labour-intensive platforms and multi-tier rigid data domain models; leading to data inaccuracies as it passes from submission entry through to pricing, modelling, credit control and on through the chain of processes.
Pricing & modelling are an integrated part of the underwriting process, and it is critical for those systems to communicate seamlessly, thus avoiding the common pitfall of data leakage or dusky data. Leaps in modern technology make the complex and costly underwriting process a thing of the past. For this very reason, hx is proud to announce that INARI, a best-of-breed insurance operation management system, is now available as an integration in Renew Connect.
INARI is one of the new generation of Insurtech that has developed fully digitized solutions to streamline the end to end policy life cycle, from the origination of risk to portfolio and risk management, while doing all the heavy lifting. The cloud-based platform leverages Blockchain technology to provide an entirely governed environment and a frictionless user experience, securely democratizing data between the different stakeholders.
INARI’s flexible data domain model, combined with a robust and dynamic business process engine, can be configured to any insurance process through a plug & play modular product offering. Complemented by an industrial strength Data Lake, the solution can ingest large amounts of structured and unstructured data at scale regardless of source and distil it in complete transparency in real-time. Crucially, INARI can interact with any external system programmatically and interact with the platform at an API level.
Both hx and INARI were selected by the Lloyd’s Lab Cohort 3 in 2019 and have been working together ever since. Collaborating during Lloyd’s Lab motivated both to strive for integrated, best-of-breed solutions for the modern insurer. Their integration for Renew Connect is a significant step towards that goal.
“We are excited to join Renew Connect. We are strong believers that this initiative is beneficial to our maturing insurtech marketplace and can help drive innovation within the industry as well as support our clients in their transformative journey towards a digitally integrated business model. hx´s outstanding product suite brings a superior level of sophistication in pricing and modelling to INARI’s Underwriting Workbench module. In addition to be truly complementary, we share a collective strategic vision”. Veronique Gob- CDO
For existing Renew clients, the Renew Connect section of the documentation now includes a complete annotated model which can be imported into your Renew environment to get you up and running in minutes. Following an underwriter workflow that starts with submissions being logged in INARI, you can seamlessly move to pricing in Renew with no double entry of existing quote information. This model gives you the ability to pull data points from INARI to power your pricing with the full suite of Renew capabilities including simulation, tables with excel style interactivity and out-of-the-box triangle components for experience rating. Once your rating is complete, you can push any updated data back into INARI at the click of a button to continue the policy issuance process.
If you have any queries about anything in the Renew documentation please contact hx support team. You will also need to contact Inari for details of a test environment.
If you are not a Renew client and you are interested in a demo of how our powerful integration capabilities can assist your business, please contact email@example.com or firstname.lastname@example.org and we will arrange a session.
This integration is one of many partners available within Renew Connect.