WTW (Willis Towers Watson, NASDAQ: WTW) has announced a new engagement with Aurora, a UK specialist commercial insurance provider for the small and medium-sized enterprise (SME) market. The combination of WTW’s Radar Live and Aurora’s digital insurance platform will help to deliver real time commercial quotations, both directly to SME businesses and through intermediaries via an omni-channel distribution mechanism.
Launched in 2021, Aurora is a customer-centric digital platform specialising in delivering insurance products tailored specifically to meet the needs of the SME market. Exacerbated by the global pandemic, SMEs continue to experience tough trading conditons and rising commercial insurance prices. So finding a ‘best fit, best value’ insurance programme that does not leave them exposed to under-insurance is crucial.
Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting, WTW, said: “The complexity of small commercial insurance means that data and analytics play a critical role to improve efficiency, as well as pricing, underwriting and product relevance. This makes Aurora’s vision to redefine the small commercial market compelling and it is exciting that Radar has been chosen to support their algorithmic underwriting ambitions, while enhancing their pricing capabilities with sophisticated and adaptable real-time pricing for uniquely optimised products.”
Bijal Patel, Chief Technical Officer at Aurora, said: “We have a clear, customer-centric vison for Aurora, underpinned by our pricing, underwriting, claims, data and analytics capabilities. Radar Live will support the implementation of our innovative commercial insurance offering and, as Aurora’s primary analytics engine, it will power our real-time analytics and algorithmic underwriting capabilities.
“Our aim is to change the way commercial insurance is purchased and managed by creating a two-way dialogue throughout the lifecycle of the customer’s business, helping to drive greater operational efficiency, transparency and understanding of customer preferences, while reducing underinsurance.”
