Sompo International Holdings is partnering with a company that will help increase proactive management of its global casualty portfolio. Willis Towers Watson and a software partner will launch a new digital product for insurance companies and managing general agents.

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Sompo International Holdings Ltd is partnering with risk analytics company Praedicat to boost more proactive management of its global casualty portfolio.

The Bermuda-based P/C specialty insurer and reinsurer will use Praedicat’s emerging risk framework, probabilistic liability catastrophe model and a new litigation tracking capability to further support the proactive management for its underwriting business.

Chris Gallagher, CEO of Sompo International Commercial P&C, said in prepared remarks that the partnership will boost the use of third party analytics to manage risk well beyond its Excess Casualty team to its International and Reinsurance platforms.

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Willis Towers Watson and software provider CodeEast will partner on a new digital product for insurance companies and managing general agents.

The product combines Willis Towers Watson’s Radar Live with CodeEast’s ONEview Digital Insurance Platform in a product designed to maximize profit margins through real-time risk assessment and reduce operational costs by deploying state-of-the-art insurance product distribution technology.

CodeEast’s ONEview Digital Insurance Platform uses digital technology to automate complex processes involved in the sales, administration and distribution of insurance products. The combination with Radar Live, Willis Towers Watson’s price delivery and decision engine platform, allows ONEview to call Radar Live for real-time pricing requests from models developed in the wider Radar pricing suite. At the push of a button, insurers can inject simple to complex rating algorithms via Radar Live into ONEview, to deliver in real time and with accuracy rates that meet the competitive and evolving needs of the market.

Sources: Sompo International, Willis Towers Watson