The software solution is specifically designed to provide insurance companies with enhanced risk selection capabilities and meaningful analytics, aiming to give them a competitive advantage in the industry.
The news follows on from the announcement that Aon recently appointed two new CEOs to lead its restructured risk capital and human capital capabilities, indicating the company’s commitment to further strengthening its position in the market.
Underwriters will experience streamlined access
The newly launched pricing platform, developed under the guidance of Aon’s Strategy and Technology Group, empowers insurance firms’ in-house teams to create customised workflows tailored to underwrite various classes of commercial and reinsurance businesses. The platform boasts several noteworthy benefits across different divisions within insurance companies.
Underwriters will experience streamlined access to essential data through seamless system integration, facilitating informed decision-making regarding risk selection. Actuaries, on the other hand, can rapidly construct and update models to swiftly respond to dynamic market changes, ensuring agility in pricing strategies. Executive managers gain access to near real-time portfolio information, equipping them with valuable insights for effective decision-making. Additionally, by entrusting the hosting responsibilities to Aon, the platform enables IT teams to focus on other value-added activities.
Aon’s new pricing platform features flexible data schema
The pricing platform incorporates Aon’s proprietary model builder technology, enabling pricing teams to effortlessly configure their own web dashboards within minutes, a process that traditionally took days or even weeks. Moreover, the platform offers the flexibility of choosing calculation engines, including the widely adopted Python or the high-speed Tyche. It also features a flexible data schema that automatically captures data to generate crucial management information.
In addition to the pricing platform, Aon’s Strategy and Technology Group has also provided a suite of technology solutions across property and casualty as well as life insurance businesses. These offerings aim to assist insurers in making informed decisions related to pricing, reserving, and capital modeling. Dr. James Gillespie, the head of pricing at Aon’s Strategy and Technology Group, emphasized the significance of accurate pricing in enhancing insurers’ performance and profitability.
Dr. Gillespie stated, “Accurate technical pricing is key to insurers’ operational performance and profitability, informing better decisions in an environment of macroeconomic volatility and subdued investment returns. It is vital not only for business planning but also in ensuring the front-line implementation of an insurer’s business plan.”
With the introduction of this advanced pricing platform, Aon aims to equip insurance companies with the tools they need to make more accurate pricing decisions, enhance operational performance, and drive profitability in an increasingly complex and challenging business landscape.
