Everyone in insurance knows how boring admin is right? All that form-filling, chasing emails from third party companies, checking things are compliant and that’s all before a single claim comes flying into your Inbox. But streamlining admin can actually save brokers and insurers a small fortune every month, the more you can automate systems, the more cash you have to spend on more interesting stuff. News from the press wires for you;
eBaoTech, a global leading digital insurance solution provider and Willis Towers Watson have announced that they will team up to provide a robust, one-stop insurance middle office platform to accelerate digitalisation across the sector.
The collaboration will see Willis Towers Watson’s rating engine, Radar Live, integrated with eBaoTech’s middle office platform, InsureMO®, which is designed for open API collaboration. The bundled solution will greatly enhance the capability of insurers, brokers, agents, MGAs and InsurTech startups to handle the overwhelming volume, variation and speed demands of today’s digital insurance marketplace.
Based on cloud-native architecture, the middleware platform contains a full set of insurance microservices across all general, life, group and health products and processes such as quotation, underwriting, endorsement, cancellation and renewal.
Willis Towers Watson’s Radar Live supports a wide range of outputs to be deployed in real time at the point of quote for pricing and underwriting. The price delivery platform has been designed to offer better pricing flexibility and responsiveness to market developments. It also creates material operational efficiencies and reduces the risk of costly rate implementation errors.
eBaoCloud® InsureMO® is an insurance Platform-as-a-Service (PaaS) to accelerate fast innovations and deep connectivity for insurers, brokers, agents, MGA, affinity channels, and InsurTech startups. InsureMO® enables traditional core systems in insurance organisations to extend and connect to every digital and conventional channel by offering a full set of insurance microservices across all general, life, group and health products and processes.
It also enables InsurTech startups to acquire the business domain and capability to launch insurance business in short time.
Andrew Harley, Director at Willis Towers Watson, said:“We are delighted that eBaoTech has joined our global Radar Live collaboration programme. The InsureMO® platform is used successfully by insurers, brokers, agents and affinity channels, and our combined solution will ensure their rating requirements will continue to be fulfilled as markets become increasingly competitive and in need of agile and sophisticated pricing strategies.”
Dr. Woody Mo, CEO of eBaoTech added:“We are very honoured to collaborate with Willis Towers Watson in the digital insurance space. Radar Live is a world-class, real-time algorithmic rating engine, while InsureMO® has become a proven insurance PaaS adopted in nearly 10 countries with 1,200 insurance products from over 120 insurers. Working with Willis Towers Watson will certainly make our packaged solution a better enablement platform to accelerate innovation, connectivity and digitalisation.”