WTW links with Aurora on commercial insurance for SMEs

WTW has announced a partnership with Aurora, a UK specialist commercial insurance provider for the SME market. The firms say that 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 digital platform specialising in delivering insurance products tailored specifically to the SME market. Exacerbated by the global pandemic, SMEs continue to experience tough trading conditions and rising commercial insurance prices.

Tim Rourke, UK head of P&C pricing, product, claims and underwriting at 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 optimised products.”

Bijal Patel, chief technical officer at Aurora, added: “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.”

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