Global re/insurance broker Willis Towers Watson (WTW) has entered into a new partnership with digital insurance solution provider, eBaoTech, to offer a bundled solution designed to accelerate digitisation across the industry.
This new collaboration sees WTW’s Radar Live rating engine integrate with eBaoTech’s middle office platform, InsureMO, which is specifically designed for open API collaboration.
WTW states that this robust, one-stop insurance middle office platform will greatly enhance the capability for insurers, brokers, agents, MGAs, and InsurTech startups to handle the huge volume, variation and speed demands that exist in the current digital insurance market.
The middleware platform, which is based on cloud-native architecture, contains a full suite of insurance microservices across all general, life, group and health products and processes such as quotation, underwriting, endorsement, cancellation, and renewal.
The integration of Radar Live – which supports a wide range of outputs to be deployed in real time at the point of quote for both pricing and underwriting – with InsurMO is designed to transform insurance middle office solutions capability for numerous parties.
InsurMO is an insurance Platform-as-a-Service (PaaS) to accelerate fast innovations and deep connectivity for parties across the insurance value chain, enabling traditional core systems in insurers to extend and connect every digital and conventional channel by offering a full suite of insurance microservices.
Director at WTW, Andrew Harley, commented: “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.”
Dr. Woody Mo, Chief Executive Officer (CEO) of eBaoTech, added: “We are very honoured to collaborate with Willis Towers Watson in the digital insurance space. Radar Live is a world-class, real- time 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.”
