Willis Towers Watson provides innovative pricing technology to new telematics insurer Ticker
Willis Towers Watson is providing Ticker, a new telematics insurer launching in early 2019, with the latest version of its Radar pricing software...
Radar Live and Radar Base will enable Ticker to deliver consistent, accurate and sophisticated decisions in pricing and underwriting, maximising the new start-up’s strengths as an agile, informed provider of next-generation telematics.
Tim Rourke, Director, Insurance Consulting and Technology, Willis Towers Watson, said: "In an increasingly competitive market, Radar delivers a simplified and efficient process, giving insurers a sophisticated platform to make quick informed pricing decisions. This capability is critical for start-ups as they adjust their rate in the early stages in order to refine their rate book and meet their growth aspirations.
“By automating repetitive manual tasks, Radar frees up valuable resources to concentrate on applying the latest analytical techniques to all available data, including data produced by Ticker’s innovative new telematics technology. This delivers an unprecedented understanding of risk, greater efficiency and accuracy of rate deployment in a volatile industry where new exposures are constantly emerging.”
Richard King, Founder and CEO of Ticker, said: “It’s incredibly important for us to attract the best and brightest people in the industry. Surprisingly, one of the biggest pulls is the opportunity of working from a blank sheet; what we then need to do is give our people the leading tools in the market. There’s no question that Radar is the best rating engine of its kind.
“From the beginning, Ticker has aligned with the smartest players in the industry. Willis Towers Watson is in a league of its own, ensuring we are well placed by having on board the latest pricing technology during the critical start-up phase.”
In preparation for the launch of the start-up, Willis Towers Watson has been helping Ticker by providing software support, including the development of advanced Management Information dashboards, as well as acting as an advisory partner to help the start-up identify solutions to other pricing and underwriting challenges.
“We have already had great success in providing a number of emerging firms with specialised support tailored to fit the distinctive needs of each business,” said Tim Rourke. “We now look forward to continuing our work with Ticker, while demonstrating our ongoing commitment to bringing the newest and most innovative insurance consulting and technology to our clients – whether they be multinationals or disruptive start-ups.”