Aon has announced the launch of its Pricing Platform, a software solution that aims to provide insurers with a competitive advantage through better risk selection and meaningful analytics to help drive company performance.
The platform was launched by Aon’s Strategy and Technology Group.
The Pricing Platform allows insurers’ in-house teams to rapidly develop tailored workflows for underwriting all classes of commercial re/insurance business.
Aon states that key stakeholders will benefit from adopting the platform.
The platform will allow for underwriters to gain access to the data they need through system integration. The platform will also allow for actuaries to build and update models swiftly to react to market changes.
And, at the same time, by using the platform, executive managers will be able to access near real-time portfolio information.
Dr. James Gillespie, Aon’s Strategy and Technology Group head of pricing, said: “Accurate technical pricing is key to insurers’ operational performance and profitability, informing better decisions in an environment of macroeconomic volatility and subdued investment returns. It is vital not only for business planning, but also in ensuring the front-line implementation of an insurer’s business plan.”
Further, by using Aon’s proprietary Model Builder technology, the Pricing Platform allows pricing teams to configure web dashboards through drag-and-drop features within minutes instead of it taking the teams a number of days or even weeks.
Other features that the platform offers includes a choice of calculation engine, as both the widely adopted Python and the high-speed Tyche engines are both supported.
Lastly, the platform also has a flexible data schema that automatically captures data to generate management information.
