(Image source: Wikilimages.)
Willis Towers Watson (Tampa, Fla.), a global advisory, broking and solutions company, announced that IMT Insurance (West Des Moines, Iowa), a regional property/casualty insurer, writing personal and commercial lines with nearly $300 million in direct written premium, has licensed Radar Live, Willis Towers Watson’s pricing delivery software.
“Our work with IMT demonstrates our commitment to delivering solutions for clients to achieve rating modernization and sophistication and significant efficiency gains in their policy systems,” comments Katey Walker, Americas P&C Sales and Practice leader, Willis Towers Watson.
IMT’s goal is to implement a new rating engine on all property/casualty lines of business by connecting its proprietary policy administration system, according to Sean Kennedy, president and CEO. “We want to empower and enable our actuarial team to design and implement rating decisions independent from IT,” he comments. “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 chose Radar Live.”
Throughout every stage of the engagement, IMT leveraged Willis Towers Watson’s combination of actuarial expertise and software with the ultimate solution composed of the right mix of consulting support and technology to tackle IMT’s challenges directly, according to a joint statement from the firms. Willis Towers Watson’s actuarial experts are consulting on the scoping and building of Radar Base models designed to address IMT’s pricing focus precisely, providing user training, reviewing client work products and providing additional guidance on implementation, the statement says.
Advise on Becoming Self-Sufficient
“We aren’t providing IMT with just a technology but an overall solution that includes an actuarial team who implements it,” adds Willis Towers Watson’s Walker. “Additionally, we will work with IMT to advise it on the skills needed to be self-sufficient with its flexible, robust product. As a result, Radar Live will allow IMT to integrate large amounts of external data easily into the pricing, quoting and underwriting process.”
Walker asserts that “the advantage of using Radar Live is it readily plugs into different systems, effectively connecting new and legacy systems, eliminating compatibility issues that otherwise hamper integration and automation. This approach results in cost-effective solutions that span the insurance value chain. IMT can now own the pricing and rating process, which enables it to reduce reliance on IT while allowing it to focus on other value-add projects. Through leveraging Radar Live, IMT has a rating engine to calculate rates for multiple lines of business, in different states.”