LONDON, April 26, 2021 — Willis Towers Watson’s Insurance Consulting and Technology business today announced that Chubb, the world’s largest publicly traded P&C insurer, has licensed Radar Live, Willis Towers Watson’s advanced pricing delivery software.
Radar Live’s pricing technology and capability to seamlessly integrate across multiple channels gives commercial insurers increased pace and agility to generate and benefit from ever more sophisticated insights. Clients like Chubb also benefit from advanced analytics and machine learning models, in real time and from a single platform.
Dave Ovenden, Global Pricing and Underwriting Leader, Willis Towers Watson, said: “We are delighted that Chubb has chosen to work with us and implement Radar Live. Chubb is recognised for its underwriting excellence and our advanced pricing delivery software will support their focus on responding even more quickly to changing market conditions in an efficient way that delivers an exceptional customer experience.”
According to Willis Towers Watson, new data sources and the accessibility of machine learning algorithms have raised the bar for expected analytics performance and the level of sophistication in automated decision making. At the same time, customer and distributors’ demand for integrated, online and mobile technologies have grown significantly.
Ovenden commented: “Our new partnership with Chubb continues our commitment to developing software that is relevant, accessible and affordable, pioneering the delivery of leading-edge technology solutions for commercial insurers in order to thrive in the digital age and meet changing customer needs.”
“Our new partnership with Chubb continues our commitment to developing software that is relevant, accessible and affordable, pioneering the delivery of leading-edge technology solutions for commercial insurers.”
Dave Ovenden | Global Head of Product, Pricing, Claims and Underwriting (PPCU) Consultancy
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.
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.
