To enable efficiency through advanced analytics
Aon has announced (8 June 2023) the launch of its Pricing Platform, a software solution that aims to provide insurers with a competitive advantage through better risk selection and meaningful analytics to drive company performance.
Launched by Aon’s Strategy and Technology Group, the Pricing Platform allows insurers’ in-house teams to rapidly develop tailored workflows for underwriting all classes of commercial insurance and reinsurance business. Key stakeholders benefit from adopting the Pricing Platform, incuding:
- Underwriters can access the data they need at their fingertips through system integration.
- Actuaries can build and update models swiftly to react to market changes.
- Executive managers can access near real-time portfolio information.
- IT teams can handle other value-add activities as Aon hosts the platform.
Dr. James Gillespie, Aon’s Strategy and Technology Group head of pricing, said: “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.”
Using Aon’s proprietary Model Builder technology, the Pricing Platform allows pricing teams to configure web dashboards through drag-and-drop features in minutes instead of days or weeks. Other features that differentiate the Pricing Platform include:
A choice of calculation engine: the widely adopted Python and the high-speed Tyche engines are both supported.
A flexible data schema that automatically captures data to generate management information.
To help insurers make better decisions on pricing, reserving and capital modelling, Aon’s Strategy and Technology Group provides an integrated suite of technology across property and casualty and life business, including composites, with strategic technical expertise to optimize operational efficiencies and enrich insight across workflows.