Global insurance and reinsurance brokerage Aon has unveiled an update to its Pricing Platform, that is set to bring “enhanced visualisation and automation capabilities to re/insurance underwriters.”
It has also been confirmed, that the software update has also added new business lines including U.S. Financial lines and Cyber, as well as geospatial mapping technologies.
If you recall, Aon launched Pricing Platform in June 2023, with the aim to provide insurers with a competitive advantage through better risk selection and meaningful analytics to help drive company performance.
It is important to highlight, that Aon’s Pricing Platform delivers near real-time insights for insurers to identify market trends and react swiftly to manage portfolio profitability.
Key stakeholders that adopt the Pricing Platform are open to a number of benefits,
Through Aon’s Pricing Platform, underwriters are able to quote faster and improve risk selection, while portfolio managers are also able to access insights to pivot strategy and take advantage of profitable opportunities.
As well as this, the platform also allows for IT teams to be able to align the governance and control process around development with corporate policy, and actuaries are also given the ability to build and update models swiftly to react to market changes
Sam Worthington, managing director in Aon’s Strategy and Technology Group, commented: “This Pricing Platform update represents a further step for technology and automation to improve underwriting performance, and in turn helps clients to manage volatility, improve resilience, and ultimately make better business decisions.”
