Pricing Technology Suite
Pricing Technology for Insurers
Optimal pricing enables insurers to gain a competitive advantage through better risk selection and explore growth opportunities while maximizing profits.
When presented with a risk, underwriters and actuaries must calculate an appropriate price – and this is where accuracy is key. However, this historically relies on Excel-based spreadsheets, which are often error-prone and are not integrated within the insurer’s workflow, resulting in:
- Time-intensive, manual processes
- Double keying of information
- Key-person risk
- Inability to capture pricing data
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Aon's Pricing Platform
Does your pricing solution enable you to maximize profit opportunities? Aon's pricing platform delivers a powerful, customizable solution to enable insurers to make better decisions.
How Aon Can Help
Aon’s Pricing Platform automates repetitive work while generating analytics to drive company performance. This enables insurers to transition to integrated pricing systems for faster underwriting and better alignment across the lifecycle of policies from underwriting to claims. Notably the ability to monitor the portfolio in real-time enables leaders and underwriters to make better decisions.
2023
Aon’s Pricing Technology Suite was awarded “Actuarial Modelling Solution of the Year” at the 2023 InsuranceERM America’s Awards.
We enable better and faster underwriting through our next generation pricing platform, freeing up underwriting talent, delivering advanced analytics and producing rich management information to drive profitability.
Why Work with Us
- Customizable: customizable models and pre-built templates makes it quicker and easier to build and maintain pricing raters.
- Faster quoting: frees up underwriting talent and bring in more business and opportunities
- Quick and easy to build: A team of 1-2 actuaries can stand-up standard raters in under a month, rather than in timeframes of years which the market had previously seen.
- Easy-to-use user interface: rapidly create and evolve pricing raters using drag-and-drop user interface.
- Flexible coding options: Clients can choose to code raters in either Tyche or Python
- Full data capture: data is captured automatically in our flexible data schema.
$30B
Over USD30 billion worth of reinsurance premiums have flowed through Aon’s pricing solutions since 2019.
How We Collaborate with Clients
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01
Discover
We partner with the (re)insurer as part of a discovery process, where the team identifies the critical roadmap needed to deliver their next-generation pricing system.
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02
Develop
We collaborate with the client to develop any bespoke raters and integrations, with the client driving the development as the project continues to enable ownership of the solution in-house, independent of Aon.
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03
Deliver
The delivery is an agile process whereby sequential lines of business are delivered to their pricing raters monthly.
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04
Review
It is vital that we work together with the clients’ underwriters and actuaries with a continuous review process throughout the project.
To help you make better decisions on pricing and capital modeling, Aon provides an integrated suite of technology across property, casualty, and life, including composites, with strategic technical expertise to optimize operational efficiencies and enrich insight across your workflow.
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