Willis Towers Watson has announced that Tia Technology is joining its global Radar Live Collaboration programme, becoming the first vendor to do so. The programme will allow Willis Towers Watson to develop an ecosystem of leading policy and claims administration vendors and support faster integrations with Radar Live.
Radar Live, Willis Towers Watson’s price delivery software, enables a wide range of analytics outputs to be deployed in real time at the point of quote – from traditional rating structures to complex pricing algorithms with sophisticated embedded risk models, including machine learning. 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 rate implementation errors.
The Tia rating engine will continue to be a central part of the Tia Solutions, yet a number of customers deploy external rating engines, such as Willis Towers Watson’s Radar Live, to benefit from advanced analysis and pricing. According to the companies, integrating the two systems allows users to take full advantage of both Tia and Radar Live, for frequent rate adjustments and the ability to build more complex tariffs.
Through this integration, the rates Radar Live generates are instantly available in the Tia Solutions and accessible to all relevant users within an insurance company. Radar Live captures all of the company’s underlying pricing and underwriting rules to create highly sophisticated pricing algorithms. These are then transferred to Tia’s product engine almost instantly.
Anders Rosenbeck, COO at Tia, said: “By providing a standard integration, the integration costs are minimal compared to the up-front and maintenance costs of an in-house integration project. Our collaboration with Willis Towers Watson will help Tia customers using Radar Live keep their competitive edge as the industry evolves. We look forward to a successful partnership”.
Leveraging Radar Live together with Tia has already proved successful for several Tia customers, including Old Mutual iWyze in South Africa. The company’s Head of IT and Strategic Products, Jan Marais, said: “One of our main challenges with operating a multi-product, multi-brand strategy across an omnichannel environment was being able to access accurate rates and get new products to the market quicker than our competitors. Leveraging Radar Live integrated with Tia was the solution”.
“We are delighted to be working with Tia and this collaboration will help to expedite the significant value that comes from a combined Tia Solutions and Radar Live integration, including improved speed to market and best practice implementation,” said Andrew Harley, Director at Willis Towers Watson.
Scan here to download the app