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Tokio Marine Kiln (TMK), an international underwriting business, has selected Pegasystems’ (Cambridge, Mass.) Pega Platform using Pega Cloud to help cut costs, consolidate siloed processes, and achieve significant operational improvements.
“We chose Pega because of its pedigree and the success other parts of the wider Tokio Marine group has had with its products,” said Darren Sharp, Group Head of IT, Tokio Marine Kiln. “We know that Pega is capable of providing all the capabilities that TMK needs to create an efficient and cost-effective operating model, and I’m pleased to say that we are now full steam ahead on a phased delivery model.”
Headquartered in the City of London, with additional operations in Asia and the United States, TMK is part of one of the world’s largest insurance groups, Tokio Marine. Each year, Tokio Marine Kiln underwrites $2 billion of business in areas including property/casualty, marine, aviation, special risks, and reinsurance. A Pegasystems statement notes that TKM’s specialist insurance processes are complex, and in addition to its core policy system, the insurer needs to rely on many other systems and manual efforts through the underwriting journey. TMK sought a solution to digitize and consolidate these processes to help drive operational efficiency in its increasingly competitive market.
Pegasystems reports that TMK selected Pega Platform for its Intelligent Automation needs to deliver a single, digital, unified platform that will sit above its existing systems and manage its entire underwriting process from end to end. By centralizing the processes on Pega, TMK expects to reduce expenses, enhance its ability to respond to changing market conditions, and provide more efficient mechanisms for meeting compliance obligations, according to the vendor.
Pega says it delivered a working prototype that achieved all of TMK’s objectives in just four days, and will work alongside Pega Platinum partner Coforge (Gurgaon, India) to deliver the project.
“The ability to utilize Pega Cloud has also allowed us to get going far more quickly than if we had taken a traditional on-premise approach, supporting our technology strategy by giving us the scalability and flexibility that is vital for an organization like ours to thrive in our increasingly competitive market,” adds TKM’s Sharp. “Information Security is incredibly important too, and Pega Cloud provides us with complete confidence in that space.”
“There’s never been a more important time to ensure your business is running efficiently and effectively,” comments Kieran Tarrant, VP, Managing Director U.K. & Ireland, Pegasystems. “This project builds on the existing relationship we have with the Tokio Marine group, and we’re excited to work closely with them to help achieve their objectives throughout this project.”