Willis Towers Watson Partners with Applied to Enhance Real-Time Pricing
September 07, 2021
Collaboration to enhance insurers’ pricing and go-to-market strategies through Radar Live
LONDON, 7 September, 2021 — Applied Systems Europe today announced a partnership with Willis Towers Watson to support real-time pricing. Willis Towers Watson’s Radar Live partner programme enables insurers and MGAs to develop their rates, underwriting rules and adjustments, and then deploy them directly to the market in real time.
As part of this partnership, Applied has expanded their Rating Hub functionality to host and integrate with Radar Live, giving insurers enhanced access to data and analytics, and a choice of rating products to suit their business and pricing needs.
“We are delighted to welcome Applied to the global Radar Live partner programme,” said Andrew Harley, Senior Director at Willis Towers Watson. “This latest partnership will enable Applied to provide its insurer partners with a sophisticated price enhancement tool, supporting pricing decisions and delivering accurate rates for the mutual benefit of all stakeholders.”
Applied is also pleased to announce they are working with RSA Insurance Ireland, the first insurer to connect to Radar Live via the Applied Rating Hub for real-time pricing.
“Radar Live via the partnership with Applied gives us an efficient way to analyse our data to support our pricing decisions and deploy them to the market,” said Trevor Lowry, Chief Underwriting Officer, RSA Insurance Ireland. “This partnership delivers a significant benefit for brokers and their customers, allowing for more individualised pricing and we look forward to rolling out our Radar Live capability across our intermediated business and beyond.”
Applied Rating Hub enables a single point of entry to manage all rates for Applied brokers in real time, test range changes and keep a full audit trail of all changes and quotes delivered, giving our brokers control over rates and improved speed to market.
Radar Live is an advanced insurance rating and rules software tool that builds on Willis Towers Watson’s analytical software Emblem, Classifier, Radar Base and Radar Optimise. It equips users with system scalability and stability to support the provision of hundreds of millions of quotes per year.
Radar Live allows insurers to use data in tandem with the latest analytical machine learning approaches to improve pricing, claims and underwriting performance. Radar Live also reduces the time it takes to make underwriting and pricing decisions and allows insurers to deploy them to the market in minutes, keeping them ahead of the competition.
“The insurance landscape is fast evolving and new digital-first competitors are requiring insurers to adopt new technologies that allow them to get to market more quickly,” said David McKnight, Regional Director, Applied Systems Europe. “Applied’s partnership with Willis Towers Watson creates a seamless integration between Applied Rating Hub and Radar Live, allowing them to quickly react to market changes and stay ahead of the competition.”
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognised as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; Radar Optimiser for price optimisation; and Radar Live for rate delivery.
All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorisation and assessment of risk by geography.
About Insurance Consulting And Technology
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.