WTW Working With Keylane on Real Time Pricing

The latest partnership news from Willis Towers Watson for you;

WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, and Keylane, a leading policy administration system provider in the Netherlands, have announced that they will work together to help insurers enhance their real-time pricing and speed to market. This will help to ensure competitive advantage through more effective pricing strategies.

Keylane will join WTW’s Insurance Technology Partner Network, an ecosystem of leading insurance software houses. Both companies are building an accelerator that will expedite the integration of Radar, WTW’s end-to-end rating, analytics, monitoring, and model deployment solution, with Axon, Keylane’s all-in-one unified core insurance platform.

Integrating the Axon and Radar systems will allow insurers to benefit from the ability to rapidly deploy their rates to market, as well as reduced operational costs and improved customer service.

Radar’s technology makes it possible to achieve these outcomes by generating rates that are instantly available on the Axon platform and accessible across all distribution channels. Radar also captures all an insurer’s underlying pricing and relevant underwriting rules to create highly sophisticated pricing algorithms, which are then seamlessly transferred to the Axon platform.

Marc van den Pol, VP Sales and Marketing at Keylane, said: “At Keylane we are always striving to help our customers innovate and react to market pressures as rapidly and effectively as possible. This collaboration will further enhance our offerings in the industry by providing customers with fast and easy access to a highly sophisticated price optimisation tool that will help drive profit, customer growth and true market innovation.”

Peter Hoogveld, Benelux P&C Practice Leader, WTW, said: “We are delighted that Keylane has joined our Insurance Technology Partner Network. Establishing connectivity with Radar allows Keylane’s customers to be far more agile in their response to competitors, giving their pricing teams 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.”