Willis Towers Watson Partners with Applied to Enhance Real-Time Pricing
Tue Sep 14 2021
Collaboration to enhance insurers’ pricing and go-to-market strategies through Radar Live
Dublin, Ireland – XX, 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 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. Recognized 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.