Insurance software provider SSP and Willis Towers Watson will optimize real-time pricing and time to market for insurers
ARLINGTON, VA, July 23, 2020 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced today that SSP, a global provider of insurance software platforms, has joined its Radar Live collaborator program. By joining the program, SSP will improve its capability to derive sophisticated insights from valuable data sources and to deploy market-leading machine learning models from a single platform. The program will also allow SSP customers to benefit from the faster implementations of Radar Live, the price delivery platform.
Radar Live’s technology enables insurers, managing general agents (MGAs) and intermediaries to deploy their rates rapidly to market, to ensure the accuracy of those rates and that their operations are highly efficient. It also equips 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’s international success in delivering a flexible, open platform for insurers, MGAs and intermediaries means our collaboration will drive significant value to mutual customers globally.”
Andrew Harley,
Director at Willis Towers Watson.
“We are delighted SSP has joined our global Radar Live collaborator program,” said Andrew Harley, director, Insurance Consulting and Technology, Willis Towers Watson. “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 advantages and a greater understanding of the business they write. SSP’s international success in delivering a flexible, open platform for insurers, MGAs and intermediaries means our collaboration will drive significant value to mutual customers globally.”
“As an open platform, SSP provides APIs or ‘connections’ to a wider ecosystem so our customers benefit from a best of breed approach,” said Adrian Coupland, managing director, Customer and Marketing, SSP. “We were the first software vendor in the U.K. to connect our rating, pricing and data enrichment module SSP Intelligent Quotes to Radar Live for the benefit of our mutual customers.”
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, optimize 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.
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. Find more information about Radar Live here.
SSP is a global provider of insurance platforms across the entire insurance industry, using its expertise to enable its 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. SSP works with eight of the top 10 U.K. insurers, four of the top 10 global insurers and over 40% of U.K. brokers. Its unique position in the market, including the largest market share of U.K. e-trading, enables SSP to provide leading data insight and unrivaled distribution. With over 35 years’ experience, SSP’s knowledge, talent and technology capabilities deliver innovative results that make it the partner of choice for its customers.
