HX, the data analytics and consulting division of London-based Howden Group Holdings, announced the launch of NOVA, the first insurance business intelligence platform, which enables users to better understand the insurance market. insurance and its drivers.
NOVA merges unique data sets, including proprietary information on Howden’s pricing and placement, loss trends, regulatory submissions, and broader market financial data, to provide users with a market view of the insurance and competitive dynamics across industries and regions, HX said in a statement.
With solid price, earnings, and claims information, users can better identify market opportunities, anticipate trends, mitigate risks, and make data-driven decisions.
Built as a proprietary platform by HX, taking advantage of the latest technology, NOVA has been designed with basic usability and accessibility, providing users with data tools and visualizations that facilitate a clear understanding of data. complex insurance, HX said.
HX noted that users can gauge the performance of the portfolio against their peers through the platform, test different scenarios and optimize their portfolio management with greater precision.
The platform has been rated by several leading insurance companies across Bermuda, the United States and the London market as protected clients.
“Although data is ubiquitous in the insurance industry, the market has long needed more homogeneous and complete datasets at their fingertips, as well as intuitive and accessible tools to analyze this information in real time, ”said Michelle To, Head of Business Intelligence. at HX.
“Leveraging the industry’s most consistent and validated insurance data collection, NOVA was designed to provide a 360-degree view of the market, enabling insurers to make more sound and strategic decisions.” , she added.
David Flandro, Managing Director of HX, commented: “As we enter this single market environment, the ability to identify market opportunities ahead of our peers is crucial. With industry-leading market data, NOVA users can better identify and capitalize on opportunities early on, gaining a competitive advantage crucial to increasing profitability.
HX is the data, digital and analytics arm of Howden Group, formed in 2019 with the goal of digitally transforming and accelerating the growth of Howden and DUAL through the effective use of data, analytics and technology. . HX has over 150 employees working in four business areas: HX Data, HX Markets, HX Analytics and xTrade Digital Marketplace. HX manages Howden Group Holdings’ third-party insurtech investments, as well as the incubation of its own start-ups. It is also home to the Group’s capital markets advisory business, Howden Capital Markets.
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