The software update also includes new business lines such as US Financial lines and Cyber, alongside geospatial mapping technologies.
The news follows on from the release of Aon’s Intangible Versus Tangible Risk Comparison Report 2024. that identifies a persistent protection gap persists for intangible assets, with only 19% of intangible asset value insured compared to 60 percent for tangible assets.
Aon’s Pricing Platform, originally launched in June 2023, aims to give insurers a competitive edge by enabling better risk selection and providing meaningful analytics to boost company performance. The platform offers near real-time insights that allow insurers to identify market trends and quickly respond to manage portfolio profitability.
Key stakeholders stand to benefit from adopting Aon’s Pricing Platform:
- Underwriters can quote faster and improve risk selection.
- Portfolio managers gain access to insights for strategic pivoting and seizing profitable opportunities.
- IT teams can align governance and control processes with corporate policies during development.
- Actuaries can rapidly build and update models to adapt to market changes.
Aon’s updated Pricing Platform delivers significant advantages across various business lines, helping companies respond swiftly to market dynamics and enhance their overall performance.
Sam Worthington, managing director in Aon’s Strategy and Technology Group, commented on the update, saying: “This Pricing Platform update represents a further step for technology and automation to improve underwriting performance, and in turn helps clients to manage volatility, improve resilience, and ultimately make better business decisions.”
