The two companies will work to optimize real-time pricing and time to market for insurance companies
London, UK (May 23, 2019) – Willis Towers Watson today announced that Tia Technology is joining its global Radar Live Collaboration program, becoming the first vendor to do so. The program will allow Willis Towers Watson to develop an ecosystem of leading policy and claims administration vendors and support faster integrations with Radar Live.
Radar Live, Willis Towers Watson’s price delivery software, enables a wide range of analytics outputs to be deployed in real time at the point of quote – from traditional rating structures to complex pricing algorithms with sophisticated embedded risk models, including machine learning. The software not only provides enhanced pricing flexibility and responsiveness to market developments, but also creates material operational efficiencies and reduces the risk of costly rate implementation errors.
The Tia rating engine will continue to be a central part of the Tia Solutions, yet a number of customers deploy external rating engines, such as Willis Towers Watson’s Radar Live, to benefit from advanced analysis and pricing. According to the companies, integrating the two systems allows users to take full advantage of both Tia and Radar Live, for frequent rate adjustments and the ability to build more complex tariffs.
Through this integration, the rates Radar Live generates are instantly available in the Tia Solutions and accessible to all relevant users within an insurance company. Radar Live captures all of the company’s underlying pricing and underwriting rules to create highly sophisticated pricing algorithms. These are then transferred to Tia’s product engine almost instantly.
Anders Rosenbeck, COO at Tia, said: “By providing a standard integration, the integration costs are minimal compared to the up-front and maintenance costs of an in-house integration project. Our collaboration with Willis Towers Watson will help Tia customers using Radar Live keep their competitive edge as the industry evolves. We look forward to a successful partnership”.
Leveraging Radar Live together with Tia has already proved successful for several Tia customers, including Old Mutual iWyze in South Africa. The company’s Head of IT and Strategic Products, Jan Marais, said: “One of our main challenges with operating a multi-product, multi-brand strategy across an omnichannel environment was being able to access accurate rates and get new products to the market quicker than our competitors. Leveraging Radar Live integrated with Tia was the solution”.
“We are delighted to be working with Tia and this collaboration will help to expedite the significant value that comes from a combined Tia Solutions and Radar Live integration, including improved speed to market and best practice implementation,” said Andrew Harley, Director at Willis Towers Watson.
Tia Technology provides an open and flexible software platform to insurers all over the world. With over 20 years of experience and more than 65 customers globally, Tia has deep insight into insurance business processes. Offering the full scope of expert implementation, application management and hosting services, we deploy our expertise to help insurers execute their digital and business strategies and stay competitive. For more information, visit www.tiatechnology.com
About Radar Live
Radar Live is point-of-sale insurance rating software that builds on, and completely integrates with, Willis Towers Watson’s analytical software Emblem, Classifier, Radar Base and Radar Optimiser. It harnesses the analysis of this software by directly using insurance pricing models developed by analysts and replicating their results exactly in a calculation engine that interfaces with existing IT administration systems.
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 more than 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize 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.
SOURCE: Willis Towers WatsonTags: Insurance Consulting and Technology, insurance pricing, Real-Time, Tia Technology, Willis Towers Watson (WTW)