Sompo Holdings Asia (SOMPO) has selected Willis Towers Watson (WTW)’s pricing solutions for its retail business across Asia in a bid transform its pricing operations in 14 markets.
WTW’s software pricing solutions, dubbed Emblem and Radar Base, will be used by SOMPO to capture insights from its customer data.
The technology vendor claims that its solution will allow Sompo Asia to form ‘quick and efficient’ predictive pricing models.
Additionally, the solution is said to help the firm in rolling out ‘accurately priced’, new insurance offerings to the market.
SOMPO pricing and analytics regional head Mudit Gupta said: “WTW brings together a unique combination of deep insurance knowledge, leading-edge technology and unified global presence. We are excited to collaborate with WTW to implement best practice pricing capabilities with robust governance process.
“It is a key focus area in our aspiration to become the leading player in retail business across Asia whilst delivering better customer outcomes and achieving profitable growth.”
WTW’s Radar Pricing Suites is claimed to transform the way insurers assesses and implements pricing and underwriting decisions.
It helps insurers, distributors and managing agents to capture all elements of the pricing process and analysis.
WTW head of insurance technology sales for Asia Pacific Evariste Yeung said: “Insurers need to harness analytics and automation to better understand trends in experience and customer behaviour that can support their insurance pricing, underwriting and portfolio management decisions or actions.
“We are delighted that SOMPO has chosen WTW and our analytical solutions, Emblem and Radar, to enable them in their transformation journey.”
SOMPO has previously partnered with WTW’s for liability calculation tools. The company plans to deploy Emblem and Radar in Singapore, India, Malaysia and Indonesia initially, with plans to expand it to business operations in other markets across Asia.
Last year, the company partnered with US-based CRM company Vymo to pilot research using contextual intelligence and AI-enabled sales to increase productivity of sales.