(Image credit: Dave Hoefler/Unsplash.)
IMT Insurance (West Des Moines, Iowa), a regional property/casualty insurer, writing personal and commercial lines in six states with nearly $300 million in direct written premium, has licensed Radar Live SaaS, WTW’s (Arlington, Va.) pricing delivery software.
Radar Live SaaS delivers capabilities from Radar Live, including its machine-learning predictive power, rate deployment speed, and calculation flexibility in addition to freeing the company from complex software and hardware management issues, according to a WTW statement.
IMT’s goal is to implement a single rating engine for use on all property/casualty lines of business by connecting its proprietary policy administration system, according to Sean Kennedy, President and CEO. He commented, “We want to empower and enable our actuarial team to design and implement well-governed rating decisions, independent of IT,” he said. “We do not want to be constrained by out-of-the-box technology. We researched stand-alone rating engines for use in combination with our platform, and selected Radar Live SaaS as the best solution.”
Kennedy noted that building the relationship with WTW was critical. “WTW has become a trusted partner,” he adds. “Throughout every stage of the process, we leveraged WTW’s unique combination of consulting and technology.”
“Our work with IMT demonstrates our commitment to delivering solutions for clients to achieve rating transformation and deliver significant efficiency gains that can be integrated with most policy systems,” comments Serhat Guven, Managing Director, WTW. “IMT viewed Radar and Radar Live as unique and valuable, but recognized that integrating SaaS can bring growth,” he said, adding, “Radar Live is a sophisticated tool of choice. To grow and scale effectively, they recognize the importance of maintenance and governance and view this solution as the right platform.”
“Along with the appropriate technology solutions, the proposal was designed with consulting support as part of the implementation plan,” Guven adds. “This included scoping and building Radar Base models, providing user training, reviewing client work products, and offering additional guidance on implementation. WTW introduced pricing, product management, claims and underwriting subject matter experts, tech consulting and implementation specialists, in addition to technology support.”