WTW, a global advisory, broking and solutions firm, has partnered with CSAA Insurance Group to license WTW’s Radar software.
According to the broker, Radar empowers predictive modeling of the creation of pricing and underwriting scenario impacts on
key performance indicators.
This is done either at a simple level, or with more complex multi-period, multi-product projections.
In addition, the software also supports fair pricing assessments throughout the insurance value chain and across various business lines, which includes personal, commercial, life, accident, and health insurance.
Laura Doddington, Head of Personal Lines Insurance Consulting and Technology, WTW North America, said: “Radar allows companies to maximize the value of their data using the latest analytical machine-learning approaches to improve pricing, claims, and underwriting performance.
“Radar reduces the time it takes to make underwriting and pricing decisions. It increases analytics transparency, providing companies with a trusted, proven, and secure solution.”
Todd Walker, chief actuary for CSAA Insurance Group, commented: “We continuously challenge ourselves to find innovative ways to better serve our customers.
“From quoting to claims resolution, we are committed to pursuing software solutions that offer a superior insurance experience, Radar, and we look forward to partnering with WTW.”
If you recall, earlier this year, WTW launched a new version of its Radar pricing software, Radar 4.15.
The new version introduced a market-first capability, which ultimately makes significantly easier for insurers to benefit from the full predictive power of machine learning.
Further, in their results for the third quarter of 2023, WTW posted 9% organic revenue growth, as total revenues increased by 11% to $2.17 billion.
