Real Time Pricing? It Should Be On Your Radar

Applied Systems Europe has announced a partnership with Willis Towers Watson to support real-time pricing. Willis Towers Watson’s Radar Live partner programme enables insurers and MGAs to develop their rates, underwriting rules and adjustments, and then deploy them directly to the market in real time.

As part of this partnership, Applied has expanded their Rating Hub functionality to host and integrate with Radar Live, giving insurers enhanced access to data and analytics, and a choice of rating products to suit their business and pricing needs.

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

REAL TIME PRICING

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

Radar Live is an advanced insurance rating and rules software tool that builds on Willis Towers Watson’s analytical software Emblem, Classifier, Radar Base and Radar Optimise. It equips users with system scalability and stability to support the provision of hundreds of millions of quotes per year.

Radar Live allows insurers to use data in tandem with the latest analytical machine learning approaches to improve pricing, claims and underwriting performance. Radar Live also reduces the time it takes to make underwriting and pricing decisions and allows insurers to deploy them to the market in minutes, keeping them ahead of the competition.

“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.”