Pega to improve operational efficiency of Tokio Marine Kiln

By Sunniva Kolostyak

Software provider Pegasystems (Pega) has been selected by underwriting company Tokio Marine Kiln (TMK) to cut costs, consolidate siloed processes, and make improvements to its operational systems.

Pega, which specialises in digital transformation for enterprises, already supplies the wider Tokio Marine group and will provide its Pega Platform and Pega Cloud to centralise TMK’s processes.

TMK chose the Pega platform to get access to Intelligent Automation. It delivers a digital, unified platform that will sit above its existing systems and manage the entire underwriting process from end to end.

By centralising the processes on Pega, TMK expects to reduce expenses, enhance its ability to respond to changing market conditions, and provide more efficient mechanisms for meeting compliance obligations.

Darren Sharp, Group Head of IT at Tokio Marine Kiln, commented: “We know that Pega is capable of providing all the capabilities that TMK needs to create an efficient and cost-effective operating model, and I’m pleased to say that we are now full steam ahead on a phased delivery model.”

“The ability to utilise Pega Cloud has also allowed us to get going far more quickly than if we had taken a traditional on-premise approach, supporting our technology strategy by giving us the scalability and flexibility that is vital for an organisation like ours to thrive in our increasingly competitive market. Information Security is incredibly important too, and Pega Cloud provides us with complete confidence in that space.”

Tokio Marine Kiln underwrites $2 billion of business every year across property and casualty, marine, aviation, special risks, and reinsurance. The specialist insurance processes are complex, and in addition to its core policy system, TMK needs to rely on many other systems and manual efforts through the underwriting journey. TMK sought a solution to digitise and consolidate these processes to help drive operational efficiency in its increasingly competitive market.

Kieran Tarrant, vice president and managing director UK & Ireland, Pegasystems added: “There’s never been a more important time to ensure your business is running efficiently and effectively.”

Pega delivered a working prototype that achieved all of TMK’s objectives in just four days and will work alongside Pega Platinum partner Coforge to deliver the project.

Earlier this year, Pega unveiled Ethical Bias Check, a feature to help businesses practice responsible AI in customer engagement strategies to eliminate hidden biases.