hyperexponential (hx), a pricing and underwriting decision-making platform for commercial property and casualty reinsurance, has partnered with Banyan Risk, marking MGA’s first deployment of hx’s full agency underwriting suite in the US, UK, Canada and Bermuda markets.
The hx platform is now expected to be the core of Banyan’s underwriting stack, orchestrating pricing, submissions, governance and data-driven decision-making across multiple systems, including its policy management and data warehouse layers.
MGA will also leverage hx’s full suite of AI products, including intake, underwriting and actuarial agency.
This will reportedly allow Banyan’s team to scale efficiently using more complex API-driven pricing models, while embedding consistent guidelines, peer review and governance into daily underwriting workflows to increase efficiency and consistency as the business grows.
It will also enable them to leverage captured data to inform assessments and create a continuous feedback loop by combining third-party data, internal performance metrics and underwriting judgments in a unified pricing and decision-making environment, all supported by infrastructure that enables faster and more secure delivery of new products, model updates and data integration.
Overall, these developments are designed to support Banyan Group’s continued expansion into new geographies and business areas, while reinforcing its ambition to become a global leader in underwriting complex risks.
Radhika Tata, COO of Banyan Risk, commented: “At Banyan, we are building an MGA designed to adapt to where the market is going, not where it is. This means launching new products, new teams and new geographies quickly, without sacrificing underwriting discipline or governance.
“We chose HyperExponential not only because the hx platform provides us with cutting-edge, flexible pricing, underwriting and portfolio analytics pillars, but also because they bring highly specialized collaborative partnerships.
“The platform also benefits from its ability to seamlessly connect third-party data, our policy administration systems and data warehouses into a single environment, so underwriters can move faster, collaborate more easily and combine human expert judgment with AI-driven insights to make better decisions.
“As we expand into more lines of business, hx will help us scale our underwriting model, keep our guidance consistent across markets and continue to learn from the performance of our portfolio.”
Hyperexponential US President Richard Gunn added: “Banyan Risk is exactly the kind of forward-thinking MGA we’ve seen in the US and Bermuda markets – an ambitious team building a modern underwriting business from the ground up, with AI-native capabilities at the core of the operating model.
“What impressed us most about Banyan was their clear vision: to scale across multiple geographies and lines of business while maintaining the underwriting discipline and governance required for complex risks – measured by speed and profitability.
“By building on the hx platform, they deployed the right decisioning infrastructure and AI capabilities early, allowing their teams to quickly launch new products, improve pricing models and make better portfolio decisions that drive underwriting results.
We are honored to support Banyan in its international expansion and continue to build a differentiated MGA platform for the future. “
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