NOVA can also be used to stress test customer’s portfolios. Credit: Gerd Altmann from Pixabay.

Howden Group’s data analytics and advisory unit HX has launched a data-driven insurance business platform, dubbed, NOVA.

The new platform is designed to help users understand the insurance market and the factors that drive it.

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NOVA gives an insight into the insurance market by leveraging Howden’s proprietary pricing and placement information and integrating it with unique data sets like loss trends, regulatory submissions and market financials.

It will also allow users to make informed decisions, tap into new opportunities, predict trends, and also mitigate risks leveraging the insights provided by the platform.

HX’s proprietary platform can also be used to stress test customer’s portfolios, compare them with peers’ portfolios to identify the weak areas and address them.

HX noted that several insurers across Bermuda, the US and the London market have evaluated the platform as protégé clients.

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HX business intelligence head Michelle To said: “Powered by the most uniform and validated collection of insurance data in the market, NOVA has been designed to provide a 360-degree view of the market, to enable insurers to make more robust and strategic decisions.”

HX managing director David Flandro said: “As we enter this unique market environment, the ability to identify market opportunities ahead of peers is crucial. With market-leading data, NOVA users can better identify and capitalise upon opportunities early, gaining a crucial competitive advantage to boost profitability.”

Last month, insurance broker Howden launched an environmental, social and governance (ESG) focused sustainable insurance carrier, Parhelion.