Business

WTW unveils CodeEast platform partnership

The new solution will reportedly maximise profit margins and reduce operational costs through insurance product distribution technology.

Willis Towers Watson has announced a global partnership with software provider CodeEast to offer a new digital transformation solution for insurance companies and MGAs.

CodeEast’s ONEview Digital Insurance Platform uses digital technology to automate processes involved in the sales, administration and distribution of insurance products. 

By combining Willis Towers Watson’s Radar Live with CodeEast’s ONEview digital insurance platform, the solution reportedly maximises profit margins through real-time risk assessment and it reduces operational costs through insurance product distribution technology.

Additionally, the partnership will allow ONEview to call Radar Live for real-time pricing requests from models developed in the wider Radar pricing suite. 

Meanwhile, insurers can incorporate simple-to-complex rating algorithms via Radar Live into ONEview, to deliver accuracy rates which “meet the needs of the market”.

Willis Towers Watson said the insurance industry is “undergoing massive digital disruption” and that insurance brokers are demanding self-service digital solutions. 

Additionally, the company said that “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”.

Andrew Harley, senior director of Insurance Consulting and Technology at 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, added: “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 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”.

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