Willis Towers Watson has joined forces with Chinese digital insurance solutions provider eBaoTech to develop a one-stop middle office platform for the insurance companies.

Under the arrangement, Willis Towers Watson will integrate its rating engine Radar Live with eBaoTech’s middle office platform InsureMO, which designed for open API collaboration.

The integrated solution is said to improve the capability of insurers, brokers, agents, managing general agencies (MGAs) and InsurTech startups to handle high volumes, variation and demand for speed for the current digital insurance marketplace.

Willis Towers Watson director Andrew Harley said: “We are delighted that eBaoTech has joined our global Radar Live collaboration programme.

“The InsureMO platform is used successfully by insurers, brokers, agents and affinity channels, and our combined solution will ensure their rating requirements will continue to be fulfilled as markets become increasingly competitive and in need of agile and sophisticated pricing strategies.”

With a cloud-native architecture, the new middleware platform will deliver a wide range of insurance microservices across all the categories of insurance including general, life, group and health products and processes.

According to eBaoCloud, its InsureMO is an insurance Platform-as-a-Service (PaaS) that can deepen connectivity for insurers, brokers, agents, MGAs, affinity channels and insurtech startups.

By providing a set of insurance microservices across all insurance products and processes, it enables traditional core systems to extend and connect to both digital and conventional channels.

It can also support InsurTech startups in obtaining a business domain and the capability to start an insurance business in a short time.

eBaoTech CEO Woody Mo said: “We are very honoured to collaborate with Willis Towers Watson in the digital insurance space. Radar Live is a world-class, real-time algorithmic rating engine, while InsureMO has become a proven insurance PaaS adopted in nearly 10 countries with 1,200 insurance products from over 120 insurers.

“Working with Willis Towers Watson will certainly make our packaged solution a better enablement platform to accelerate innovation, connectivity and digitalisation.”