ARLINGTON, August 9, 2023 — WTW (NASDAQ: WTW), a global advisory, broking, and solutions company, announced that Manitoba Public Insurance (MPI), a Canadian crown corporation that delivers insurance, registration and licensing services to Manitoba drivers, has authorized the use of Radar and Emblem.
Radar, part of WTW’s award-winning Radar Suite of software solutions, delivers cutting-edge capabilities, including its machine-learning predictive analytical platform, rate deployment speed and efficiency, and calculation flexibility. Collectively, these factors simplify a company’s process from legacy complex software and hardware management challenges, while driving efficiency. Concurrently, Emblem helps insurers improve profitability through a targeted and efficient pricing model, based on a thorough understanding of risk with increased, innovative sophistication.
“MPI first approached us because they were looking for a solution that would enable generalized linear modeling (GLM) for rate-making,” said Nicolas Beaudoin, Senior Director, of WTW. “They wanted a platform that could determine trends for claims frequency and severity, along with inflation, within an architecture that included formalized security and confidentiality. They were also seeking training and actuarial consulting services to assist with applying GLM to MPI’s rate-making methodology to ensure that the created models were suited to MPI’s business needs,” he added.
“We had very specific needs,” explained Cara Low, Vice President, Chief Actuary, and Chief Risk Officer at MPI. “For example, the ideal vendor had to provide support and documentation for configuring the software, including integration with other data sources; they also needed the capability of managing multiple versions of the model, with the ability to compare multiple versions of the model for the same underlying data. The ideal partner also needed to deliver a platform that could apply caps and floors to rating variables, analyze for varied rate dislocation, handle the extension of exposure methods to determine current rates or premium trends, and provide the ability to calculate all rating factors simultaneously to determine the indicated rate relativities. WTW was the right partner to deliver those solutions; they understood how product changes impact different lines of business.”
Beaudoin added, “Our robust functionality around GLMs and the associated analytics capabilities were the key points that guided MPI in selecting WTW.” “They really appreciated the fact that Radar was user-friendly. MPI’s Chief Actuary had already worked with Emblem and was impressed with the functionality, which drove her to learn about Radar as well. MPI ultimately agreed to an Emblem/Radar package because it would provide them with broader functionality. We also partnered on the technology side to help MPI with software support, around a comprehensive solution to address all of their needs. It wasn’t just GLM, but also the analytics and reporting that Radar can provide. We were quite optimistic that they could achieve their aggressive business goals with WTW’s technology-driven software platforms.”
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 organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.
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