Willis Towers Watson and eBaoTech, a global digital insurance solution provider, have announced that they will team up to provide a one-stop insurance middle office platform to accelerate digitalization across the sector.
The collaboration will see Willis Tower 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 enhance the capability of insurers, brokers, agents, MGAs and insurtech startups to handle the overwhelming volume, variation and speed demands of the digital insurance marketplace.
Based on cloud-native architecture, the middleware platform contains a 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 organizations 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, says, “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.”