LONDON, February 16, 2022 — WTW (Willis Towers Watson, NASDAQ: WTW) has today announced a new engagement with Aurora, a UK specialist commercial insurance provider for the small and medium-sized enterprise (SME) market. The combination of WTW’s Radar Live and Aurora’s digital insurance platform will help to deliver real time commercial quotations, both directly to SME businesses and through intermediaries via an omni-channel distribution mechanism.
Launched in 2021, Aurora is a customer-centric digital platform specialising in delivering insurance products tailored specifically to meet the needs of the SME market. Exacerbated by the global pandemic, SMEs continue to experience tough trading conditons and rising commercial insurance prices. So finding a ‘best fit, best value’ insurance programme that does not leave them exposed to under-insurance is crucial.
“The complexity of small commercial insurance means that data and analytics play a critical role to improve efficiency,”
Tim Rourke,
UK Head of P&C Pricing, Product, Claims and Underwriting, WTW
Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting, WTW, said: “The complexity of small commercial insurance means that data and analytics play a critical role to improve efficiency, as well as pricing, underwriting and product relevance. This makes Aurora’s vision to redefine the small commercial market compelling and it is exciting that Radar has been chosen to support their algorithmic underwriting ambitions, while enhancing their pricing capabilities with sophisticated and adaptable real-time pricing for uniquely optimised products.”
Bijal Patel, Chief Technical Officer at Aurora, said: “We have a clear, customer-centric vison for Aurora, underpinned by our pricing, underwriting, claims, data and analytics capabilities. Radar Live will support the implementation of our innovative commercial insurance offering and, as Aurora’s primary analytics engine, it will power our real-time analytics and algorithmic underwriting capabilities.
“Our aim is to change the way commercial insurance is purchased and managed by creating a two-way dialogue throughout the lifecycle of the customer’s business, helping to drive greater operational efficiency, transparency and understanding of customer preferences, while reducing underinsurance.”
Aurora is the first of its kind: a holistic, digital platform seeking to re-define how commercial insurance is purchased and managed. Working with customers on a direct basis or via selected broking partners, we cater to micro, small and medium businesses.
With Aurora, customers can get personalised, real-time quotations, compare insurance providers and transfer and mitigate risk in a uniquely tailor-made and holistic way. All while benefiting from analytics and data driven education and advice.
Deploying capital from only the most progressive and stable insurers, we innovate to provide the businesses and communities we serve with compelling and competitive insurance products. We understand that each business is unique, with its own requirements, people and plans.
Aurora’s culture is underpinned by support, opportunity and innovation and is driven by the positive impact we hope to make on the progressive businesses and communities we support.
We’re looking after what’s ahead.
WTW’s Radar includes Emblem (which fits predictive models rapidly to very large and complex datasets to reveal the underlying patters in your data); the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation and pricing strategy; Radar Live for rating (integrated with virtually any policy system; and Classifier, which provides detailed categorisation and assessment of risk by geography.
WTW’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.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
