Insurance software provider SSP and Willis Towers Watson will work to optimise real-time pricing and time to market for insurance companies.
LONDON, 23 July, 2020 - Willis Towers Watson’s global Radar Live collaborator programme is set to transform SSP’s ecosystem of policy and claims administration vendors, delivering a faster integration of Radar Live, the price delivery platform.
In today’s intensely competitive marketplace, insurers, MGAs and intermediaries need the ability to deploy their rates rapidly to market, to ensure the accuracy of those rates and to ensure that their operations are highly efficient. Radar Live’s technology delivers these outcomes, equipping users with system scalability and stability to support the provision of hundreds of millions of quotes per year. Radar Live allows rates, rules and adjustments to be easily developed and deployed directly to a rating system, and executed in real time.
SSP is the latest vendor to join the growing Radar Live Collaboration programme, giving it improved capability to derive sophisticated insights from valuable data sources and to deploy market-leading machine learning models from a single platform. The programme will also allow SSP customers to benefit from the faster implementations of Radar Live .
Adrian Coupland, Managing Director, Customer and Marketing at SSP, said: “Our SSP Insurance Platform is a cloud native platform comprising a single suite of modules and components which support our Broking, MGA and Insurer customers globally. As an open platform, we provide APIs or “connections” to a wider ecosystem so that our customers benefit from a “best of breed” approach. SSP was the first software vendor in the UK to connect its multi-award winning rating, pricing and data enrichment module SSP Intelligent Quotes Hub to Willis Towers Watson Radar Live for the benefit of our mutual customers.”
“SSP’s international success in delivering a flexible open platform for insurers, MGAs and intermediaries will mean this collaboration will drive significant value to our mutual customers across the world”
Andrew Harley
Director at Willis Towers Watson.
Andrew Harley, Director, Insurance Consulting and Technology, Willis Towers Watson, said: “We are delighted that SSP has joined our global Radar Live collaboration programme. With data and advanced analytics as the frontiers of change in the insurance sector, companies must migrate their operations to connected, flexible and agile systems capable of creating competitive advantage and providing a greater understanding of the business they write. SSP’s international success in delivering a flexible open platform for insurers, MGAs and intermediaries will mean this collaboration will drive significant value to our mutual customers across the world.”
SSP is a global provider of insurance platforms across the entire insurance industry, using our expertise to enable our customers to transform their business and increase operational efficiency, enhance their customer journeys and support profitable growth. SSP provides core policy administration (including finance and claims), rating and pricing capabilities, digital quote and buy journeys, along with customer/broker self-service with advanced business analytics, reporting and insurer product distribution. We work with 8 of the top 10 UK insurers, 4 of the top 10 global insurers and over 40% of UK brokers. Our unique position in the market, including the largest market share of UK e-trading, enables us to provide leading data insight and unrivalled distribution. With over 35 years’ experience, our knowledge, talent and technology capabilities deliver innovative results that make us the partner of choice for our customers.
Radar Live, Willis Towers Watson’s pricing delivery software, enables a wide range of analytics to be deployed in real time at the point of quote – from traditional rating structures to complex pricing algorithms with sophisticated embedded risk models. The software not only provides enhanced pricing flexibility and responsiveness to market developments, but also creates material operational efficiencies and reduces the risk of costly errors in programming rates in multiple environments.
Willis Towers Watson’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.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
