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eBaoTech, Willis Towers Watson to offer insurance middle office platform

eBaoTechDigital insurance solution provider eBaoTech and Willis Towers Watson – an advisory, broking and solutions company, have announced their partnership for the provision of a robust, one-stop insurance middle office platform to accelerate digitalisation across the sector. The collaboration will see London-based Willis Towers Watson’s rating engine Radar Live, integrated with Shanghai’s eBaoTech’s middle office platform InsureMO, which is designed for open API collaboration.

The solution is expected to enhance the capability of insurers, brokers, agents, MGAs and InsurTech startups in the handling of the overwhelming volume, variation and speed demands of the digital insurance marketplace. Based on cloud-native architecture, the middleware platform contains a complete set of insurance microservices across all general, life, group and health products and processes such as quotation, underwriting, endorsement, cancellation and renewal.

Andrew Harley, Director, Willis Towers Watson explicated, “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.”

Radar Live supports a wide range of outputs to be deployed in real-time at the point of the quote for pricing and underwriting. The price delivery platform offers better pricing flexibility and responsiveness to market developments. It also creates material operational efficiencies and reduces the risk of costly rate implementation errors.

Dr Woody Mo, CEO, eBaoTech enunciated, “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.”

InsureMO is an insurance Platform-as-a-Service (PaaS) which aims to accelerate fast innovations and deep connectivity for insurers, brokers, agents, MGA, affinity channels, and InsurTech startups. It enables traditional core systems in insurance organisations to extend and connect to every digital and conventional channel by offering a full set of insurance microservices across all general, life, group and health products and processes. It also enables InsurTech startups to acquire the business domain and capability to launch insurance business in a short time.

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