WTW and CodeEast today announced they are collaborating to enable MGAs and Carriers to rapidly implement a digital platform for workers’ compensation insurance. CodeEast, a market-leading insurance software systems provider, has revealed that their ONEview platform now includes functionality that is tailored for U.S. workers’ compensation insurance. This includes a workers’ compensation ratings component delivered through Radar Live, WTW’s cutting-edge price delivery and decision engine platform.
The collaboration between CodeEast and WTW is coming at a critical time for the insurance industry. The workers’ compensation market in the USA is valued at approximately $43 billion in gross written premium (GWP) per year. It is undergoing a radical transformation due to the emergence of intelligent devices, improved work safety practices and accelerated access to smart data services. For MGAs and Carriers to succeed in this new world, they need digital platforms that enable profitable underwriting decisions and lower operating costs delivered by end-to-end digital automation.
Aidan Brogan, Chief Commercial Officer at CodeEast, said: “The combination of the ONEview digital insurance platform and the Radar Live rating engine is genuinely value adding for MGAs and Carriers in the workers’ compensation market. It provides enhanced pricing and modelling, efficient control over distribution and end-to-end automation with real-time underwriting governance and oversight.”
Taffy Jo Mayers, Global Proposition Leader for Commercial Lines Pricing and Underwriting, Insurance Consulting and Technology, WTW, said: “This combination of tools gives MGAs and Carriers the enhanced capabilities and efficiency benefits they need to accelerate innovation, connectivity and digitalization in the competitive U.S. insurance market.”