Aon's pricing technology suite has helped insurers to overcome some of the challenges of insurance pricing which has historically relied on manual input and error-prone spreadsheets in Excel.

Aon has helped insurers with two solutions. The first is an out-of-the-box solution for pricing proportional and non-proportional reinsurance structures with its Tyche Pricing System (TPS). The other is a customisable pricing platform that allows teams to configure and update tailored workflows for underwriting all classes of commercial insurance and reinsurance.

The automation of manual processes delivers better, faster underwriting and the resulting data capture and analytics are used to monitor portfolios in real-time, provide management information to support better business decisions, and drive company performance.

Aon's pricing solutions are currently used by eight re/insurers and MGAs in the US for pricing large accounts, specialty, facultative reinsurance, and treaty reinsurance—and the company delivered implementations of these solutions to 6 re/insurers and MGAs in 2022 alone.

Some $30bn worth of assumed premium has been priced and bound through the Tyche Pricing System (TPS) since its release in 2019.

One insurer required a new large account pricing system to replace the old one which was difficult and costly to maintain. Aon's solution allowed the actuarial teams to maintain and update the system through an easy to use drag and drop interface design mechanism, rather than having to rely on their IT teams.

It also helped to streamline the underwriting and pricing processes, reducing the time and effort to get from submissions to quotes and policy issuance, as well as improving data analytics via automated capture of all pricing data.

By moving from spreadsheets to enterprise-grade, integrated pricing systems, the software has helped reduce hours from the process, which can be deployed for higher value activities. It is for this reason wins the company the actuarial modelling solution award of the year.