CodeEast & WTW collaborate to enable MGAs and Carriers to digitize Workers' Compensation Insurance
Chicago, 15th September 2022 — WTW and CodeEast today announced they are collaborating to enable MGAs and Carriers to rapidly implement a digital platform for workers' compensation insurance. CodeEast, a market-leading insurance software systems provider, has revealed that their ONEview platform now includes functionality that is tailored for U.S. workers' compensation insurance. This includes a workers’ compensation ratings component delivered through Radar Live, WTW’s cutting-edge price delivery and decision engine platform.
The collaboration between CodeEast and WTW is coming at a critical time for the insurance industry. The workers' compensation market in the USA is valued at approximately $43 billion in gross written premium (GWP) per year. It is undergoing a radical transformation due to the emergence of intelligent devices, improved work safety practices and accelerated access to smart data services. For MGAs and Carriers to succeed in this new world, they need digital platforms that enable profitable underwriting decisions and lower operating costs delivered by end-to-end digital automation.
Aidan Brogan, Chief Commercial Officer at CodeEast, said: "The combination of the ONEview digital insurance platform and the Radar Live rating engine is genuinely value adding for MGAs and Carriers in the workers’ compensation market. It provides enhanced pricing and modelling, efficient control over distribution and end-to-end automation with real-time underwriting governance and oversight."
Taffy Jo Mayers, Global Proposition Leader for Commercial Lines Pricing and Underwriting, Insurance Consulting and Technology, WTW, said: "This combination of tools gives MGAs and Carriers the enhanced capabilities and efficiency benefits they need to accelerate innovation, connectivity and digitalization in the competitive U.S. insurance market."
CodeEast, is a market-leading specialist insurance software company focused on the end-to-end automation of sales, distribution and administration of Countrywide Workers Compensation and other commercial insurance lines. The ONEview Digital Insurance Platform is a cloud-native, componentized, API-First solution enabling innovative ecosystems to accelerate the insurance industry's digital transformation.
WTW’s Radar includes Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data; the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organization and pricing strategy; Radar Live for rating (integrated with virtually any policy system); Radar Workbench, an analytical platform that helps underwriting professionals implement confident decisions at pace; and Classifier for providing detailed categorization and assessment of risk by geography.
About Insurance Consulting and Technology
WTW's Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance, and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
Learn more at wtwco.com.
Andrew Collis: +44 7932 725 267 | email@example.com