The collaboration will integrate Willis Towers Watson’s rating engine, Radar Live with eBaoTech’s middle office platform, InsureMO
Willis Towers Watson has collaborated with eBaoTech, a Shanghai-based digital insurance solutions provider, to develop a one-stop middle office platform for the insurance sector.
Through the collaboration, the UK-based insurance services provider will integrate its rating engine, Radar Live with eBaoTech’s middle office platform, InsureMO, designed for open API collaboration.
The integrated solution is claimed to enhance the capability of insurers, brokers, agents, managing general agencies (MGAs) and insurtech startups to handle high volumes, variation and demand for speed for the current digital insurance marketplace.
Willis Towers Watson director Andrew Harley said: “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.”
With a cloud-native architecture, the new middleware platform will offer a full set of insurance microservices across all the categories of insurance including general, life, group and health products and processes such as quotation, underwriting, endorsement, cancellation and renewal.
eBaoCloud’s InsureMO is an insurance Platform-as-a-Service (PaaS)
eBaoCloud claims that its InsureMO is an insurance Platform-as-a-Service (PaaS) which can deepen connectivity for insurers, brokers, agents, MGAs, affinity channels and insurtech startups.
By providing a set of insurance microservices across all insurance products and processes, it enables traditional core systems to extend and connect to both digital and conventional channels.
It can also support InsurTech startups in obtaining a business domain and the capability to start an insurance business in a short time.
eBaoTech CEO Woody Mo said: “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.”