Global insurance and reinsurance broker Willis Towers Watson (WTW) is supplying the latest version of its Radar pricing software to Ticker, a new telematics insurer due to launch in early 2019.
WTW said that its Radar Live and Radar Base solutions will enable Ticker to deliver more accurate decisions in pricing and underwriting, thereby supporting the new start-up’s provision of next-generation telematics.
“In an increasingly competitive market, Radar delivers a simplified and efficient process, giving insurers a sophisticated platform to make quick informed pricing decisions,” said Tim Rourke, Director, Insurance Consulting and Technology at Willis Towers Watson. “This capability is critical for start-ups as they adjust their rate in the early stages in order to refine their rate book and meet their growth aspirations.”
“By automating repetitive manual tasks, Radar frees up valuable resources to concentrate on applying the latest analytical techniques to all available data, including data produced by Ticker’s innovative new telematics technology,” Rourke explained.
“This delivers an unprecedented understanding of risk, greater efficiency and accuracy of rate deployment in a volatile industry where new exposures are constantly emerging.”
WTW has also been providing software and advisory support in preparation of Ticker’s launch to help it develop advanced Management Information dashboards and identify solutions to pricing and underwriting challenges.
Rourke continued: “We have already had great success in providing a number of emerging firms with specialised support tailored to fit the distinctive needs of each business.
“We now look forward to continuing our work with Ticker, while demonstrating our ongoing commitment to bringing the newest and most innovative insurance consulting and technology to our clients – whether they be multinationals or disruptive start-ups.”
Richard King, Founder and Chief Executive Officer (CEO) of Ticker, also commented: “It’s incredibly important for us to attract the best and brightest people in the industry. Surprisingly, one of the biggest pulls is the opportunity of working from a blank sheet; what we then need to do is give our people the leading tools in the market. There’s no question that Radar is the best rating engine of its kind.
“From the beginning, Ticker has aligned with the smartest players in the industry. Willis Towers Watson is in a league of its own, ensuring we are well placed by having on board the latest pricing technology during the critical start-up phase.”
