eBaoTech, an established multinational online insurance solution provider based in Shanghai, and Willis Towers Watson (NASDAQ: WLTW) have revealed that they will be working cooperatively to offer a robust, one-stop insurance middle office platform, in order to promote digitalization across the insurance industry.
The collaboration between the two firms will involve Willis Towers Watson’s rating engine, Radar Live, which will be added to eBaoTech’s middle office platform, InsureMO. The middle office solution has been designed to work with open APIs. The bundled solution should improve the capability of insurance providers, brokers, agents, MGAs and insurance technology (Insurtech) companies when dealing with large volume, variation and speed demands of the current digital insurance marketplace.
The middleware platform has been developed on cloud-native architecture and features a comprehensive set of insurance microservices such as general, life, group and health packages and standard processes including quotation, underwriting, endorsement, cancellation and renewal.
Willis Towers Watson’s Radar Live extends support to a range of outputs to be launched in real-time at the point of quote for both pricing and underwriting. The price delivery platform has been developed to provide greater pricing flexibility and improved response times to changing market activity. The platform also boosts material operational efficiencies and lowers the risk of high-cost rate implementation errors.
eBaoCloud InsureMO is described as an insurance Platform-as-a-Service (PaaS) that has been designed to support innovative products and offer deep connectivity for insurance providers, brokers, agents, MGA, affinity channels, and Insurtech firms. InsureMO allows legacy core systems in insurance companies to connect to every online and conventional channel by providing an extensive range of insurance microservices across general, life, group and health packages and processes. The platform also allows Insurtech companies to acquire the business domain and functionality to introduce insurance business products in an efficient and timely manner.
Andrew Harley, director at Willis Towers Watson, stated:
“We are [pleased] 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, CEO at eBaoTech, noted:
“We are honored to collaborate with Willis Towers Watson in the digital insurance space. Radar Live is an [established], 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 digitalization.”
Willis Towers Watson is a multinational advisory, broking and solutions firm that assists customers in “turning risk into a path for growth.” The company has roots dating back to 1828. Willis Towers Watson currently has around 45,000 workers on its payroll while servicing over 140 different countries and global markets.
The company develops and deploys various solutions that aim to manage risk, optimize benefits, encourage talent, while using capital to “protect and strengthen institutions and individuals.”
eBaoTech is a digital solution provider to the world’s Insurtech industry with a goal to “make insurance easy” and more accessible. The firm reportedly has business offices in over 30 countries, and provides services to more than 200 carriers and many different agents, brokers, Insurtech companies. eBaoTech provides two main groups of solutions, including eBao Cloud, an insurance middleware platform, and eBao Software for traditional insurance carriers’ core systems.