It allows for the creation of pricing and underwriting scenario impacts
By Kenneth Araullo
Oct 31, 2023 ShareWTW has announced a partnership with CSAA Insurance Group for the latter to license WTW’s Radar software.
The Radar software suite facilitates predictive modeling for analyzing the impact of pricing and underwriting scenarios on key performance indicators, catering to both simple and intricate multi-period, multi-product projections.
The software also facilitates advanced competitive market analysis to enable identification of vulnerabilities and cross-subsidies within current or proposed pricing structures. Radar also extends support for fair pricing evaluations across the insurance value chain, spanning various business lines, including personal, commercial, life, accident, and health insurance.
“Radar allows companies to maximize the value of their data using the latest analytical machine-learning approaches to improve pricing, claims, and underwriting performance. Radar reduces the time it takes to make underwriting and pricing decisions. It increases analytics transparency, providing companies with a trusted, proven, and secure solution,” said Laura Doddington, WTW North America head of personal lines insurance consulting and technology.
“We continuously challenge ourselves to find innovative ways to better serve our customers.
From quoting to claims resolution, we are committed to pursuing software solutions that offer a superior insurance experience, Radar, and we look forward to partnering with WTW,” CSAA chief actuary Todd Walker said.
WTW also recently revealed that it is not ruling out a comeback to reinsurance broking, two years after it sold off its treaty reinsurance broking business to Gallagher.
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