(Image credit: Meriç Dağlı/Unsplash.)
CSAA Insurance Group (Walnut Creek, Calif.), a provider of automobile, homeowners, and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia, has entered into an agreement with WTW (London) to license its Radar software suite. Radar enables predictive modeling of the creation of pricing and underwriting scenario impacts on key performance indicators, both at a simple level or with complex multi-period, multi-product projections, according to a vendor statement.
“We continuously challenge ourselves to find innovative ways to better serve our customers,” comments Todd Walker, Chief Actuary, CSAA Insurance Group. “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.”
Radar enables the ability to perform advanced competitive market analysis and identify weaknesses and cross-subsidies in current or proposed pricing structures, according to the WTW statement. Radar also supports fair pricing assessments throughout the insurance value chain and across various business lines, including personal, commercial, life, accident, and health insurance, the vendor says.
Latest Analytical Machine-Learning Approaches
“Radar allows companies to maximize the value of their data using the latest analytical machine-learning approaches to improve pricing, claims, and underwriting performance,” comments Laura Doddington, Head of Personal Lines Insurance Consulting and Technology, WTW North America. “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.”