Pricing Technology Suite
Learn how your organization can benefit from Aon's pricing technology.
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
How Aon Can Help
Aon’s pricing software suite automates repetitive work, 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. Monitoring the portfolio in real-time enables leaders and underwriters to make better decisions.
Which solution works best for you?
- Out-of-the-box solution for pricing proportional and non-proportional reinsurance structures with the Tyche Pricing System (TPS) — the only software in the market.
- A customizable pricing platform makes it easy for in-house teams to configure and update workflows tailored for underwriting for all commercial insurance and reinsurance classes.
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 platforms, freeing up underwriting talent, delivering advanced analytics and producing rich management information to drive profitability.
Why Work with Us
Tyche Pricing System
- Only out-of-the-box solution in the market: For pricing proportional and non-proportional reinsurance structures
- Quick to deploy: A reinsurer can be up and running with TPS in under a month
- Easy to integrate: TPS is easy to integrate with the company’s policy administration and reporting systems
- Customizable: Customization capabilities enable the development of specialty raters
- Regular updates to keep up with industry requirements: Clients benefit from an evolving system, with new features released half-yearly
- Customizable: Customizable models and pre-built templates make building and maintaining pricing raters quicker and easier
- Faster quoting: Frees up underwriting talent and brings in more business and opportunities
- Quick and easy to build: A team of actuaries can stand up standard raters in under a month —rather than the years-long process the market had previously seen
- Easy-to-use user interface: Rapidly create and evolve pricing raters using the drag-and-drop user interface
- Flexible coding options: Clients can choose to code raters in either Tyche or Python
- Full data capture: Our flexible data schema captures data automatically
Over $30 billion worth of reinsurance premiums have flowed through the Tyche Pricing System (TPS) since 2019.
How We Collaborate with Clients
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.
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.
The delivery is an agile process whereby sequential lines of business are delivered to their pricing raters monthly.
It is vital that we work together with the clients’ underwriters and actuaries with a continuous review process throughout the project.