Willis Towers Watson and eBaoTech to provide a robust, one-stop insurance middle office platform to accelerate digitalisation across the sector
“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.”
Andrew Harley
Director at Willis Towers Watson
LONDON, 7 January, 2020 — Willis Towers Watson and eBaoTech, a global leading digital insurance solution provider, 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.”
eBaoTech is a digital solution provider to the global insurance industry with a company mission to “make insurance easy”. We have business in more than 30 countries, serving over 200 carriers and numerous agents, brokers, InsurTech startups and others in the insurance ecosystem. eBaoTech offers two groups of solutions: eBao Cloud as an insurance middleware platform, and eBao Software for traditional insurance carriers’ core systems. For more information, please visit www.ebaotech.com.
Radar Live, Willis Towers Watson’s pricing delivery software, enables a wide range of analytics to be deployed in real time at the point of quote – from traditional rating structures to complex pricing algorithms with sophisticated embedded risk models. The software not only provides enhanced pricing flexibility and responsiveness to market developments, but also creates material operational efficiencies and reduces the risk of costly errors in programming rates in multiple environments.
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
