Willis Towers Watson to bring new digital transformation solution to market
Broker Willis Towers Watson has unveiled a global partnership with technology firm CodeEast to bring a new digital transformation solution to the global insurance market.
The digital solution will utilise WTW’s Radar Live and CodeEast's ONEview digital insurance platform to help insurance companies and MGAs maximise their profit margins through real-time risk assessment and lower their operational costs by deploying state-of-the-art insurance product distribution technology.
The insurance industry is undergoing massive digital disruption. “Insurance brokers are demanding self-service digital solutions, customers want innovative digital products personalised to their needs, insurers wish to deploy new digital business models and MGAs require cost reduction through digital automation,” WTW noted. “All these related demands mean speed, control and agility are key drivers of success in this new digital world.”
CodeEast’s ONEview platform uses digital technology to automate complex processes involved in the sales, administration and distribution of insurance products. The combination with Radar Live, Willis Towers Watson’s cutting-edge price delivery and decision engine platform, will allow ONEview to call Radar Live for real-time pricing requests from models developed in the wider Radar pricing suite. Insurer will be able to inject simple-to-complex rating algorithms via Radar Live into ONEview, to deliver in real time and with accuracy rates that meet the competitive and evolving needs of the market.
ONEview operates as a cloud-native platform hosted in the Microsoft Global Azure Cloud. Its API-first design of the platform means the solution can be integrated with the existing and legacy systems operating in the insurance companies.
Andrew Harley (pictured), senior director, insurance consulting and technology at Willis Towers Watson, said: “We are delighted to announce that CodeEast is a global partner within Willis Towers Watson’s Radar Live partner programme. We are very confident the combination of the ONEview and Radar Live systems will help expedite the important journey our respective clients may have towards digital excellence.”
Aidan Brogan, chief commercial officer of CodeEast, added: “We are excited to sign a global partnership with Willis Towers Watson. CodeEast has customers in the USA, UK and Ireland, and we look forward to expanding our market presence with this partnership. The fundamentals of the insurance industry remain the same: assess risk and present a premium to cover that risk. The challenge for insurance companies is to compete in this new world of high staff costs, distribution overheads and ever-growing volumes of data needed to assess risk.”
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