LONDON, January 17, 2022 — WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory, broking and solutions company, announced today a new deal with Tempcover that sees one of the UK’s largest short-term insurance brokers license Radar Live as its price delivery and decision engine platform. Combining WTW’s Radar Live technology with Tempcover’s fully digital short-term vehicle insurance proposition provides a solution that delivers cutting-edge pricing, smoother rate deployments and improved speed to market.
Using their own in-house proprietary technology, Tempcover had already created a simple and transparent purchase journey designed to provide users with fully comprehensive short-term insurance within 90 seconds for cars, trucks, motorcycles, and commercial vehicles. WTW’s pricing consultancy team worked closely with Tempcover to enhance these existing capabilities by constructing a more sophisticated pricing engine with the stability to support hundreds of millions of quotes per year and unrivalled flexibility to enable a competitive edge in a changing marketplace.
Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting, WTW, said: “We are delighted that Tempcover has chosen to partner with WTW in defining the digital evolution of the UK automotive retail market. Radar Live is the chosen tool for those who want to embed sophisticated pricing algorithms, allow greater speed to market and place control of pricing into the hands of pricing teams.”
Alan Inskip, CEO at Tempcover, said: “Radar Live is a complete solution in the market for insurers looking to achieve operational efficiency by cutting time and costs of rate implementation and we are already seeing the benefits of our new pricing system. Temporary car insurance and usage-based insurance are increasing within the market, and this enhancement in pricing, combined with our existing capabilities, ensures we are well placed to service our customers in this market.”
The collaborative nature of the implementation ensured Tempcover was able to become fully self-sufficient in a short space of time, with WTW software giving its pricing team improved capability to derive insights from valuable data sources, access to advanced analytical methods and, with support from WTW’s pricing consultancy team, the ability to deploy sophisticated algorithms to market.
“Small and large intermediaries continue to license Radar as they explore new technologies…in order to thrive in the digital age and meet changing customer needs."
Tim Rourke | UK Head of P&C Pricing, Product, Claims and Underwriting, WTW
“This new collaboration with Tempcover continues our commitment to developing software that is relevant, accessible and affordable,” commented Rourke. “Small and large intermediaries continue to license Radar as they explore new technologies to help their operations migrate to connected, flexible and agile systems in order to thrive in the digital age and meet changing customer needs.”
Tempcover specialises in short-term car, van, motorbike, student, and learner insurance – having sold over 3.9-million policies since 2006. We enable drivers aged 18-75 with full UK, provisional and EU licences to purchase temporary fully-comprehensive coverage from as little as 1-hour to 28-days in duration. Our short-term policies offer truly flexible cover for the time drivers actually need – with no long-term commitment or auto-renewals. Our temporary cover does not impact other annual policies or no claims discounts, as it is a separate, standalone policy.
WTW’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
