HX, the data analytics and advisory division of Howden Group Holdings, has launched NOVA, an insurance business intelligence platform that it says enables users to better understand the insurance market and its drivers.

The company said the “first-of-its-kind” platform has been assessed by several leading insurance firms across Bermuda, the United States and the London market as protégé clients.

HX said NOVA amalgamates unique data sets, including proprietary Howden pricing and placement information, loss trends, regulatory submissions and broader market financials, to provide users with a view of the insurance market and competitive dynamics across business lines and regions.

Through robust pricing, profit and claims insights, users can better identify market opportunities, anticipate trends, mitigate risk and make data-backed decisions, the company said.

Built as a proprietary platform by HX leveraging the latest technology, the company said NOVA has been designed with usability and accessibility at its core, providing users with tools and data visualisations that facilitate a clear understanding of complex insurance data.

Users can gauge portfolio performance against peers through the platform, stress test different scenarios, and optimise their portfolio steering with greater accuracy, the company said.

Michelle To, head of business intelligence at HX, said: “While data may be ubiquitous across the insurance industry, the market has long needed more homogenous and comprehensive data sets at its fingertips, alongside intuitive and accessible tools in order to analyse this information in real time.

“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.”

David Flandro, managing director at HX, 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.”