Insurance broker Willis Towers Watson says Sompo Holdings Asia has adopted its pricing solutions for retail business in the region in an effort to transform its pricing operations across 14 markets.
Due to the current economic environment where consumer behaviour and financial markets are changing daily, it has become essential for insurers to have the right tools and processes in place to accurately price their products for their customers.
Through adopting the software pricing solutions, Emblem and Radar Base, SOMPO will be able to capture insights from its vast store of customer data, allowing predictive pricing models, along with taking accurately priced, new insurance products to market.
These solutions enable insurers, distributors and managing agents the ability to capture all elements of the pricing process and analysis.
This ranges from traditional rating structures through to complex pricing algorithms with embedded models that take advantage of machine learning methods, whilst implementing them directly into the point-of-quote engine of the insurer.
Mudit Gupta, Regional Head of Pricing and Analytics at SOMPO said: “WTW brings together a unique combination of deep insurance knowledge, leading-edge technology and unified global presence. We are excited to collaborate with WTW to implement best practice pricing capabilities with robust governance process.
“It is a key focus area in our aspiration to become the leading player in retail business across Asia whilst delivering better customer outcomes and achieving profitable growth.”
Evariste Yeung, Head of Insurance Technology Sales for Asia Pacific at Willis Tower Watson, said: “Insurers in Asia are going through significant transformation driven by rising customer expectations and a new wave of digital competitors disrupting the market.
“They, therefore, face the twin challenges of intense competition and creating value-added solutions to protect individuals and businesses. To help the insurance industry achieve profitable growth, agile underwriting and re-pricing of protection products and real-time monitoring of experience are now essential.
“Insurers need to harness analytics and automation to better understand trends in experience and customer behaviour that can support their insurance pricing, underwriting and portfolio management decisions or actions. We are delighted that SOMPO has chosen WTW and our analytical solutions, Emblem and Radar, to enable them in their transformation journey.”
