LONDON, 20 February, 2020 — Willis Towers Watson’s Insurance Consulting and Technology business has won Analytics Solution of the Year at the 2020 Insurance ERM Awards for its industry-leading software Radar Live.
Fast, flexible and agile, Radar Live is a rating and rules engine tailored to the needs of P&C and Life insurance markets. Combined with Radar’s pricing software, Radar Live enables unparalleled insights from machine learning models to be deployed in minutes, providing significant analytical improvements and more effective pricing, helping insurers to achieve a significant return on investment.
Insurance ERM's judging panel agreed Willis Towers Watson's Radar Live was the winner because of its widespread adoption, its features and the way it has helped insurers to assess and implement pricing and underwriting decisions.
“This award recognises the capability of Radar Live’s technology to deliver results to insurers, equipping businesses with system scalability that has the stability to support billions of quotes per year,”
Neil Chapman,
Global Leader for Pricing, Product, Claims and Underwriting, Insurance Consulting and Technology, Willis Towers Watson.
In response to the win, Neil Chapman, Global Leader for Pricing, Product, Claims and Underwriting, Insurance Consulting and Technology, Willis Towers Watson, said: “We are delighted to receive this award. At a time when insurers and intermediaries need the functionality for rapid speed to market, accuracy of rate development and significant operational efficiency, this award recognises the capability of Radar Live’s technology to deliver these results to insurers, equipping businesses with system scalability that has the stability to support billions of quotes per year.”
Read our winner's write up for Radar Live on Insurance ERM.
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.
