Sompo adopts Willis tech to transform insurance pricing operations

Re/insurer Sompo Holdings has adopted Willis Towers Watson's (WTW) insurance pricing solutions for its retail business across 14 markets in Asia.

Sompo will initially implement WTW's Emblem and Radar solutions in Singapore, India, Malaysia and Indonesia, before cascading to its business operations in other markets across Asia.

The solutions will enable Sompo Asia to transform its pricing operations, make better underwriting decisions and bring new insurance products to the market.

Mudit Gupta, regional head of pricing and analytics at Sompo, 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 a 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.”

Evariste Yeung, head of insurance technology sales for Asia Pacific at WTW, said: “Insurers in Asia are going through significant transformation driven by rising customer expectations and a new wave of digital competitors disrupting the market. They, therefore, face the twin challenges of intense competition and creating value-added solutions to protect individuals and businesses. To help the insurance industry achieve profitable growth, agile underwriting and re-pricing of protection products and real-time monitoring of experience are now essential.

“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.”