Willis Towers Watson has partnered with eBaoTech, providing a one-stop insurance middle office platform to accelerate digitalisation across the sector.
Willis Towers Watson’s rating engine, Radar Live, will integrate with eBaoTech’s middle office platform InsureMO, which is designed for open API collaboration.
Willis Towers Watson director Andrew Harley 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.”
The solution will enhance the capability of insurers brokers, agents, MGAs and insurtech start-ups to handle the volume, variation and speed demands of today’s digital insurance marketplace.
The middleware platform is based on cloudnative architecture and 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 outputs to be deployed in real time at the point of quote for pricing and underwriting. The platform is designed to offer better pricing flexibility and responsiveness to market developments, as well as creating 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 start-ups. It 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.
In addition, the platform also enables insurtechs to acquire the business domain and capability to launch insurance business in short time.
eBaoTech CEP Woody Mo said: “We are very honoured to collaborate with Willis Towers Watson in the digital insurance space. Radar Live is a world-class, realtime 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.”