WTW partners with US regional P&C insurer on pricing technology
Global broker WTW has partnered with IMT Insurance, a regional property/casualty insurer in the US, for its pricing delivery software Radar Live SaaS.
IMT, which writes personal and commercial lines in six US states with nearly $300 million in direct written premium, has licensed Radar Live SaaS to implement a single rating engine for use on all property/casualty lines of business by connecting its policy administration system.
According to WTW, Radar Live SaaS delivers capabilities such as machine-learning predictive power, rate deployment speed, and calculation flexibility in addition to freeing the company from complex software and hardware management issues.
“Our work with IMT demonstrates our commitment to delivering solutions for clients to achieve rating transformation and deliver significant efficiency gains that can be integrated with most policy systems,” said Serhat Guven, managing director at WTW.
“IMT viewed Radar and Radar Live as unique and valuable, but recognised that integrating SaaS can bring growth. Radar Live is a sophisticated tool of choice. To grow and scale effectively, they recognise the importance of maintenance and governance and view this solution as the right platform.”
Sean Kennedy, president and CEO of IMT, added: “We want to empower and enable our actuarial team to design and implement well-governed rating decisions, independent of IT. We do not want to be constrained by out-of-the-box technology. We researched stand-alone rating engines for use in combination with our platform, and selected Radar Live SaaS as the best solution.”
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