Radar Live enables insurers and MGAs to develop their rates, underwriting rules, and adjustments before deploying them directly to the market.
Another factor to the deal is that Applied has expanded its Rating Hub functionality to host and integrate with Radar Live. Insurers can now access data and analytics and a choice of rating products.
Applied is also collaborating with RSA Insurance Ireland, the first insurer to connect with Radar Live via the Applied Rating Hub.
“We are delighted to welcome Applied to the global Radar Live partner programme,” said Andrew Harley, senior director at Willis Towers Watson.
“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.”
“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.”
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.
Founded over two decades ago, the insurance broker offers a wide range of commercial insurance services and creates multinational risk programmes.
The acquisition is expected to strengthen the company’s presence in the Israeli market, where it has operated through a correspondent partner.
However, the acquisition is subject to definitive agreement, legal and regulatory approval.