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Willis Towers Watson partners with eBaoTech

In View Summary

Willis Towers Watson (WTW) has partnered with eBaoTech, a digital insurance solution provider. The partnership will see the integration of WTW’s Radar Live rating engine with InsureMO, which is eBaoTech’s middle office platform for open API collaboration.

InsureMO is a one-stop insurance middle office platform which will enhance the capability for insurers, brokers, agents, MGAs, and InsurTech startups to handle the large volume, variation and speed demands of the sector. It is an insurance Platform-as-a-Service (PaaS) that has been designed to support innovative products and offer deep connectivity for insurance providers, brokers, agents, MGA, affinity channels, and InsurTech firms.

eBaoTech’s InsureMO ecosystem

Another USP of the platform is that it helps insurer’s legacy core systems to connect with every online and conventional channel by offering full suite of insurance microservices across all general, life, group and health products and processes such as quotation, underwriting, endorsement, cancellation, and renewal.

eBaoTech’s InsureMO is a Platform as a Service for the global insurance industry and for all lines of businesses

WTW’s Radar Live additionally provides support for real-time quotes for both pricing and underwriting. The price delivery platform provides pricing flexibility and improved response times to changing market activity. The platform offers material operational efficiencies and lowers the high-cost rate implementation errors.

Andrew Harley, Director at WTW, said, “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.”

The partnership is a step forward for eBaoTech’s goal to “make insurance easy” and more accessible.

The Digital Insurer's View

Insurers such as AXA are increasingly embracing the idea of Platform-as-a-Service because of its ability to boost cross-selling, develop innovative pricing strategies, along with improved product and service solutions.

Increased use of PaaS by insurers seems to be a dawn of a new era for the insurance industry. We expect to see more of these developments in 2020.

References

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