Willis Towers Watson and CDL, a specialist technology provider to the insurance sector, today announced that they will work together to enhance real-time pricing for insurance providers. CDL will join Willis Towers Watson’s Radar Live Collaboration programme, developed to help insurers benefit from faster and smoother integrations with Radar Live, the price delivery and decision engine platform.
Insurers, MGAs and intermediaries are entering a period of significant transformation, driven by rising customer expectations, intense competition and a new wave of digital disruption across the entire value chain. They are having to react more quickly to competitive forces, particularly in pricing and underwriting, as companies become more adept at deploying agile pricing strategies. The FCA pricing reforms also present significant challenges and opportunities for which insurers will need to develop new pricing decision support and rate delivery capabilities to succeed.
Nigel Phillips, CDL CEO, said: “CDL and Willis Towers Watson have a successful track record in developing efficient and cost-effective propositions. This latest collaboration will enable CDL to integrate its systems with Radar Live, further enhancing our offerings in the industry by providing customers with fast and easy access to a highly sophisticated price optimisation tool.”
Insurers and brokers will be able to integrate Radar Live with CDL’s insurance solutions, such as its Insurer Hosted Pricing (IHP) hub Proteus and retail platform, Strata. When combined, benefits include extensive modelling, customer profiling and real-time intelligence based on high volumes of data. Furthermore, Radar Live provides a bespoke and agnostic service, which can be customised to different customer and sector requirements, enabling users to price more accurately and enhance conversion rates.
Tony Dixon, Head of Home Underwriting, Integra Insurance Solutions, said: “Using Radar Live with CDL’s Insurer Hosted Pricing solution, Proteus, allows us to be far more responsive to competitors, giving our pricing team the ability to change prices in a quick yet controlled way, including adding new pricing factors easily, without the need for a large IT project. We are excited about the additional ability this will give us to grow our market position.”
Andrew Harley, Senior Director, Insurance Consulting and Technology, Willis Towers Watson, said: “We are delighted that CDL is joining our global Radar Live collaboration programme. CDL has a strong track record as an insurtech with extensive experience in deploying hub technologies at scale, combined with globally recognised cloud capabilities. By establishing connectivity with CDL, access to Radar Live is made even faster for insurers and brokers, offering whole-of-market access and reducing the time and cost associated with separate integrations.”