Aon introduces new data-driven pricing platform
New platform aims to provide firms with better risk selection and meaningful analytics
Aon has officially announced the launch of its new pricing platform, a new software solution that aims to provide insurance companies an edge through better risk selection and meaningful analytics.
Helmed by the firm’s Strategy and Technology Group, the pricing platform will allow insurers’ in-house teams to develop tailored workflows for underwriting all classes of both commercial and reinsurance businesses. Aon enumerated its benefits across different divisions as follows:
- Underwriters can easily access the data they need 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, with Aon hosting the platform
The pricing platform uses Aon’s proprietary model builder technology to allow pricing teams to configure their own web dashboards via drag-and-drop features in minutes, as opposed to days or weeks. The pricing platform also allows choices of calculation engines, whether it’s the widely adopted Python or the high-speed Tyche. It also features a flexible data schema that automatically captures data to generate management information.
To help insurers in their pricing, reserving, and capital modelling decisions, the Strategy and Technology Group also provided a suite of technology across property and casualty and life businesses. Aon Strategy and Technology Group head of pricing Dr. James Gillespie said that this new proposition helps insurers raise both their performance and profitability through accurate pricing.
“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,” Gillespie said.
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