Willis Towers Watson and RDT team up to drive change in insurance pricing
Insurance software house RDT is to become the latest vendor to join Willis Towers Watson’s global Radar Live Collaboration programme. The programme has been developed to facilitate faster integrations with Radar Live through an ecosystem of leading insurance software houses.
“At RDT we are always striving to help our customers innovate and react to market pressures as rapidly as possible,” said Joe O’Connor, sales and marketing director at RDT. “The collaboration with Radar Live is fully aligned with this vision and falls beautifully into our program of integration to key, high quality, high value technology partners to build end-to-end ecosystems for our clients.”
Willis Towers Watson’s Radar Live supports a wide range of outputs to be deployed in real time at the point of quote for pricing and underwriting. The price delivery platform has been designed to offer better pricing flexibility and responsiveness to market developments. It also creates material operational efficiencies and reduces the risk of costly rate implementation errors.
RDT’s Atlas platform provides insurers with complete control and flexibility over their products, with the ability to make real-time changes. Its data management and reporting capabilities allow insurers to constantly enhance their proposition with significant scalability. The platform regularly processes more than 50 million quotes a day.
According to the companies, integrating the two systems will allow users to take full advantage of both Atlas and Radar Live, for frequent rate adjustments and the ability to build more complex tariffs.
To help clients expedite the delivery of these benefits, both companies will be building a connector that clients can utilise for rapid systems integration.
“We are delighted to be working with RDT and this collaboration will help to ensure our clients achieve the significant value that comes from a combined integration of Radar Live and Atlas, including improved speed to market and best practice implementation,” said Andrew Harley, director at Willis Towers Watson. “Leveraging Radar Live together with the RDT platform has already proved successful in the UK market, including for a large UK MGA client.”
As a result of this integration, it is possible for Radar Live to generate rates that are instantly available on the Atlas platform and accessible to all relevant users within an insurance business across all distribution channels. Radar Live captures all of the company’s underlying pricing and underwriting rules to create highly sophisticated pricing algorithms, which are then almost instantly transferred to the Atlas platform.
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