Willis Towers Watson partners with CodeEast to bring new digital solution to global insurance market
LONDON, 25 November 2021 — Willis Towers Watson and software provider CodeEast have announced a global partnership offering a new digital transformation solution for insurance companies and MGAs. Combining Willis Towers Watson’s Radar Live with CodeEast's ONEview digital insurance platform provides a solution that maximises profit margins through real-time risk assessment and reduces operational costs by deploying state-of-the-art insurance product distribution technology.
The insurance industry is undergoing massive digital disruption. Insurance brokers are demanding self-service digital solutions, customers want innovative digital products personalised to their needs, insurers wish to deploy new digital business models and MGAs require cost reduction through digital automation. All these related demands mean speed, control and agility are key drivers of success in this new digital world.
CodeEast’s ONEview Digital Insurance Platform uses digital technology to automate complex processes involved in the sales, administration and distribution of insurance products. The combination with Radar Live, Willis Towers Watson’s cutting-edge price delivery and decision engine platform, allows ONEview to call Radar Live for real-time pricing requests from models developed in the wider Radar pricing suite. At the push of a button, insurers can inject simple-to-complex rating algorithms via Radar Live into ONEview, to deliver in real time and with accuracy rates that meet the competitive and evolving needs of the market.
Andrew Harley, Senior Director, Insurance Consulting and Technology, Willis Towers Watson, said: "We are delighted to announce that CodeEast is a global partner within Willis Towers Watson’s Radar Live partner programme. We are very confident the combination of the ONEview and Radar Live systems will help expedite the important journey our respective clients may have towards digital excellence".
Aidan Brogan, Chief Commercial Officer of CodeEast, said: "We are excited to sign a global partnership with Willis Towers Watson. CodeEast has customers in the USA, UK and Ireland, and we look forward to expanding our market presence with this partnership. The fundamentals of the insurance industry remain the same: assess risk and present a premium to cover that risk. The challenge for insurance companies is to compete in this new world of high staff costs, distribution overheads and ever-growing volumes of data needed to assess risk. Ultimately, this partnership is about giving insurance companies the best digital tools and services to win in this fast changing world".
ONEview operates as a cloud-native platform hosted in the Microsoft Global Azure Cloud. It leverages the capabilities of the Azure platform to deliver a cost-effective, highly scalable, flexible, safe and secure solution. The API-first design of the platform means the solution can be integrated with the existing and legacy systems operating in the insurance companies, thus enabling digital transformation while protecting the current business.
CodeEast, a software company headquartered in Dublin, Ireland, provides a Digital Insurance Platform for the SMART Automation of Insurance companies. The CodeEast ONEview platform is a state-of-the-art, AI-enabled, cloud-native solution for the automated sales, distribution and administration of insurance products.
The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; Radar Optimiser for price optimisation; and Radar Live for rate delivery. All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorisation and assessment of risk by geography.
About Insurance Consulting And Technology
Willis Towers Watson’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.
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 in 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.
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