LONDON, August 31, 2022 — WTW (Willis Towers Watson, NASDAQ: WTW) has today announced a new partnership with Bupa UK that will see the health insurer use Radar Live as its lead pricing platform.
The Radar Live platform uses advanced analytical methods and market-leading modelling methods to price health insurance premiums in real time, ensuring greater accuracy and personalisation depending on the customer’s individual needs.
This leads to improved pricing, greater accuracy in predicting customer claims, and improved underwriting performance. It also increases Bupa’s flexibility and agility in offering new products to customers.
Adrian Baskir, Chief Commercial Actuary at Bupa UK Insurance, said: “At Bupa, our ambition is to be the most customer-centric company in the world, and using the Radar Live platform supports that ambition by offering a more agile, personalised experience for our customers when it comes to pricing. This forms part of our transformation strategy, which is is continuing at pace so we can adapt to the changing external environment and transform Bupa to meet changing customer expectations.”
“By confirming Radar Live as their pricing platform of choice, Bupa is well placed to enhance its digital capability by offering cutting-edge pricing and underwriting excellence.”
Tim Rourke | UK Head of P&C Pricing, Product, Claims and Underwriting, WTW
Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting at WTW, said: “We are delighted Bupa UK has chosen to work with WTW. By confirming Radar Live as their pricing platform of choice, Bupa is well placed to enhance its digital capability by offering cutting-edge pricing and underwriting excellence that will help build on their commitment to improved customer engagement and satisfaction.”
WTW’s Radar includes the analytical platform Radar Workbench that helps commercial underwriters make and implement confident decisions at pace; Emblem (which fits predictive models rapidly to very large and complex datasets to reveal the underlying patters in your data); the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation and pricing strategy; Radar Live for rating (integrated with virtually any policy system); and Classifier (which provides detailed categorisation and assessment of risk by geography).
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.
Bupa's purpose is helping people live longer, healthier, happier lives and making a better world.
Health insurance accounts for a large part of our business with Bupa UK Insurance, the UK’s leading health insurer, providing health insurance to 2.3 million people. Bupa Global is the premium health insurance arm of Bupa, serving 490,000 customers around the world. Bupa Dental Care is the leading provider of private dentistry in the UK, providing dental services in over 480 centres across the UK and Ireland. Bupa Care Services has around 6,000 residents in 124 care homes, and 10 Richmond care villages. Bupa Health Services comprises 50 health clinics, and the Cromwell Hospital in London which provides care for insured, self-pay and international patients. Bupa directly employs around 23,000 people in the UK.
