LONDON, March 4, 2021 — Willis Towers Watson and CDL, a specialist technology provider to the insurance sector, today announced that they will work together to enhance real-time pricing for insurance providers. CDL will join Willis Towers Watson’s Radar Live Collaboration programme, developed to help insurers benefit from faster and smoother integrations with Radar Live, the price delivery and decision engine platform.
Insurers, MGAs and intermediaries are entering a period of significant transformation, driven by rising customer expectations, intense competition and a new wave of digital disruption across the entire value chain. They are having to react more quickly to competitive forces, particularly in pricing and underwriting, as companies become more adept at deploying agile pricing strategies. The FCA pricing reforms also present significant challenges and opportunities for which insurers will need to develop new pricing decision support and rate delivery capabilities to succeed.
Nigel Phillips, CDL CEO, said: “CDL and Willis Towers Watson have a successful track record in developing efficient and cost-effective propositions. This latest collaboration will enable CDL to integrate its systems with Radar Live, further enhancing our offerings in the industry by providing customers with fast and easy access to a highly sophisticated price optimisation tool.”
Insurers and brokers will be able to integrate Radar Live with CDL’s insurance solutions, such as its Insurer Hosted Pricing (IHP) hub Proteus and retail platform, Strata. When combined, benefits include extensive modelling, customer profiling and real-time intelligence based on high volumes of data. Furthermore, Radar Live provides a bespoke and agnostic service, which can be customised to different customer and sector requirements, enabling users to price more accurately and enhance conversion rates.
Tony Dixon, Head of Home Underwriting, Integra Insurance Solutions, said: “Using Radar Live with CDL’s Insurer Hosted Pricing solution, Proteus, allows us to be far more responsive to competitors, giving our pricing team 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. We are excited about the additional ability this will give us to grow our market position.”
“By establishing connectivity with CDL, access to Radar Live is made even faster for insurers and brokers, offering whole-of-market access and reducing the time and cost associated with separate integrations.”
Andrew Harley | Director at Willis Towers Watson
Andrew Harley, Senior Director, Insurance Consulting and Technology, Willis Towers Watson, said: “We are delighted that CDL is joining our global Radar Live collaboration programme. CDL has a strong track record as an insurtech with extensive experience in deploying hub technologies at scale, combined with globally recognised cloud capabilities. By establishing connectivity with CDL, access to Radar Live is made even faster for insurers and brokers, offering whole-of-market access and reducing the time and cost associated with separate integrations.”
CDL is a leading UK insurtech, pioneering solutions that enable the personal lines insurance sector to transform consumer experiences, while driving revenue and profitability, and reducing fraud. It has a strong track record in technologies to support high volume transactions and is listed in the Top 100 Fintech Disrupters 2020, with clients including Ageas Retail, Sainsbury’s Bank and Swinton Insurance. CDL is a market leading supplier of insurer hosted rating solutions and has spearheaded developments in the data, analytics and anti-fraud space. With extensive cloud capabilities, it has proven credentials in helping organisations build, configure and manage their cloud infrastructure and is approved to supply associated products and services within the Government’s G-Cloud Digital Marketplace, as well as its Technology Innovation Marketplace.
Radar Live is point-of-sale insurance rating software that builds on, and completely integrates with, Willis Towers Watson’s analytical software Emblem, Classifier, Radar Base and Radar Optimiser. It harnesses the analysis of this software by directly using insurance pricing models developed by analysts and replicating their results exactly in a calculation engine that interfaces with existing IT administration systems. Click here for more information about Radar Live.
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.
