Re/insurance major Willis Towers Watson (WTW) has teamed up insurtech firm Tia Technology to further strengthen the services offered by its Radar Live price delivery platform.
Under the terms of the partnership, Willis Towers Watson will integrate the Tia rating engine into Radar Live.
As a result of the integration, users will be able to take full advantage of both Tia and Radar Live, for frequent rate adjustments and the ability to build more complex tariffs.
After integration, the rates created by Radar Live will be quickly made available in the Tia Solutions and accessible to all concerned users within an insurance entity.
Capturing a company’s underlying pricing and underwriting rules, Radar Live creates pricing algorithms which are instantly transferred to Tia’s product engine.
The latest announcement forms part of WTW’s Radar Live Collaboration programme. The programme seeks to facilitate faster integrations with Radar Live through an ecosystem of policy and claims administration vendors.
WTW said that Radar Live support a number of analytics outputs to be deployed in real time at the point of quote.
The platform has been designed to offer better pricing flexibility along with responsiveness to market developments. It also creates operational efficiencies and reducing the risk of rate implementation errors.
Tia COO Anders Rosenbeck said: “By providing a standard integration, the integration costs are minimal compared to the up-front and maintenance costs of an in-house integration project.”
“Our collaboration with Willis Towers Watson will help Tia customers using Radar Live keep their competitive edge as the industry evolves. We look forward to a successful partnership”.
Willis Towers Watson global partnerships director Andrew Harley said: “We are delighted to be working with Tia and this collaboration will help to expedite the significant value that comes from a combined Tia Solutions and Radar Live integration, including improved speed to market and best practice implementation.”