Willis Towers Watson enhances pricing and go-to-market strategies
Willis Towers Watson has partnered with Applied Systems Europe to enhance its pricing and go-to-market strategies.
The broker has partnered with Applied Systems Europe to support real-time pricing through Radar Live. WTW'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 its 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.
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.
“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,” said Andrew Harley (pictured), senior director at Willis Towers Watson.
Applied said is also working with RSA Insurance Ireland, the first insurer to connect to Radar Live via the Applied Rating Hub for real-time pricing.
Trevor Lowry, chief underwriting officer of RSA Insurance Ireland, the first insurer to connect to Radar Live via the Applied Rating Hub for real-time pricing, said: “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. 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.”
David McKnight, regional director of Applied Systems Europe, added: “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. 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.”
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