Based in Singapore, Sompo Holdings Asia is the holding company for the Asia-Pacific entities (excluding Japan) of Japanese insurance giant Sompo Holdings.
In a statement, WTW said that by deploying its Emblem and Radar Base software pricing platforms, Sompo “will be able to capture unique insights from its vast store of customer data, allowing quick and efficient predictive pricing models.”
“Developed specifically for insurers, Radar Pricing Suites, which include Emblem and Radar Base, have revolutionised how the industry assesses and implements pricing and underwriting decisions,” said WTW. “These solutions enable insurers, distributors and managing agents the ability to capture all elements of the pricing process and analysis. This ranges from traditional rating structures through to complex pricing algorithms with embedded models that take advantage of machine learning methods and implement them directly into the point-of-quote engine of the insurer.”
“WTW brings together a unique combination of deep insurance knowledge, leading-edge technology and unified global presence,” said Mudit Gupta, regional head of pricing and analytics at Sompo. “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 while delivering better customer outcomes and achieving profitable growth.”
“Insurers in Asia are going through significant transformation driven by rising customer expectations and a new wave of digital competitors disrupting the market,” said Evariste Yeung, head of insurance technology sales for Asia Pacific at WTW. “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.”