Sompo Asia transforms and enhances its insurance pricing platform with Willis Towers Watson
SINGAPORE, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announces today that Sompo Holdings Asia (SOMPO) has adopted Willis Towers Watson (WTW)’s innovative pricing solutions for its retail business across Asia to transform its pricing operations in 14 markets in the region.
In an increasingly turbulent economic environment where consumer behaviour and financial markets are changing daily, it has become essential for insurers to have the right tools and processes in place to accurately price their products and bring sustainable value to their customers. By deploying WTW’s software pricing solutions, Emblem and Radar Base, SOMPO will be able to capture unique insights from its vast store of customer data, allowing quick and efficient predictive pricing models, along with taking accurately priced, new insurance products to market.
Developed specifically for insurers, Radar Pricing Suites, which include Emblem and Radar Base, have revolutionised how the industry assesses and implements pricing and underwriting decisions. These solutions enable insurers, distributors and managing agents the ability to capture all elements of the pricing process and analysis. This ranges from traditional rating structures through to complex pricing algorithms with embedded models that take advantage of machine learning methods, and implement them directly into the point-of-quote engine of the insurer. To date, the Radar solution is being used by 23 out of 25 of the world’s largest insurance groups.
Mudit Gupta, Regional Head of Pricing and Analytics at SOMPO said: “WTW brings together a unique combination of deep insurance knowledge, leading-edge technology and unified global presence. We are excited to collaborate with WTW to implement best practice pricing capabilities with robust governance process. It is a key focus area in our aspiration to become the leading player in retail business across Asia whilst delivering better customer outcomes and achieving profitable growth.”
Evariste Yeung, Head of Insurance Technology Sales for Asia Pacific at WTW, said: “Insurers in Asia are going through significant transformation driven by rising customer expectations and a new wave of digital competitors disrupting the market. They, therefore, face the twin challenges of intense competition and creating value-added solutions to protect individuals and businesses. To help the insurance industry achieve profitable growth, agile underwriting and re-pricing of protection products and real-time monitoring of experience are now essential.
“Insurers need to harness analytics and automation to better understand trends in experience and customer behaviour that can support their insurance pricing, underwriting and portfolio management decisions or actions. We are delighted that SOMPO has chosen WTW and our analytical solutions, Emblem and Radar, to enable them in their transformation journey.”
SOMPO, which already uses Willis Towers Watson’s liability calculation tools, will initially implement Emblem and Radar in Singapore, India, Malaysia and Indonesia, before cascading to its business operations in other markets across Asia.
About Emblem and Radar Base
Emblem is the industry standard for robust predictive modelling, delivered in a fast, highly efficient, user-friendly environment. It can fit generalised linear models (GLMs) to very large data sets in seconds, providing significant time savings and allowing insurers to concentrate on the analysis itself rather than the time-consuming process of manipulating and processing data and results. There are more than 5,000 users of Emblem among non-life insurers worldwide, and several leading life insurers have also started to apply Emblem models to enhance mortality analysis.
Radar Base provides powerful management information that insurers can use to develop business plans and summarise results of risk modelling and competitor analysis. With Radar Base, insurers can test the effectiveness of new prices through scenario modelling, extracting maximum value from their predictive models to help make successful business decisions. It can also provide detailed rate-setting models for individual insurance products.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
About Sompo Holdings (Asia)
Based in Singapore, Sompo Holdings (Asia) Pte. Ltd., is the holding company for our Asia Pacific entities, except Japan, and is part of Sompo Holdings headquartered in Tokyo, Japan. With more than 70 years of trusted presence in Asia, our business spreads across 14 markets with over 4,000 employees in the region.
Currently the Top 10 Largest Non-Life insurance companies in Indonesia and Malaysia, we have forged strategic partnerships to access a wider network of resources and distribution to provide the best solutions for our customers.
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