There are a number of proprietry insulation boards that can be directly rendared to, but DO NOT USE WITH TIMBER FRAME.
Attach any rigid insulation board, breather membrane, then verticle battens to provide a drained and ventillated cavity, fixed through the rigid insulation into the frame, then you can just attach a rendar carrier board or mesh and rendar as normal.
Insulated rendar systems have been used in other countries, it's lead to many millions of pounds worth of failures, it's more common in germany, where they have specific products (so no, not just mastic the junctions) and tradesmen to do it, not bob the bulider.
They still have problems with it.
Direct insulated rendar to timber frame is a stupid idea, it will save only a little money and time, but could cause significant issues later in the life of the building.