Reinsurance News

WTW, Applied Systems target real-time pricing enhancements

13th September 2021 - Author: Staff Writer

Global reinsurance broker Willis Towers Watson is working with Applied Systems on a programme aiming to assist insurers and MGAs in developing their rates, underwriting rules and adjustments, and then deploying them directly to the market in real time.

handshake-close-up-photoAs part of the arrangement, Applied has expanded its Rating Hub functionality to host and integrate with WTW Radar Live, a move aimed at giving insurers enhanced access to data and analytics.

“We are delighted to welcome Applied to the global Radar Live partner programme,” said Andrew Harley, Senior Director at WTW.

“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.”

Applied is also working with RSA Insurance Ireland, the first insurer to connect to Radar Live via the Applied Rating Hub for real-time pricing.

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“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,” said Trevor Lowry, Chief Underwriting Officer, RSA Insurance Ireland.

“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.”

Applied Rating Hub represents a single point of entry able 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 brokers control over rates and improved speed to market.

“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,” said David McKnight, Regional Director, Applied Systems Europe.

“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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