(Image source: Tia Technology homepage.)
Willis Towers Watson (London) a global advisory, broking and solutions company, has announced that Tia Technology is joining its global Radar Live collaboration program, becoming the first vendor to do so. The program was designed to enable Willis Towers Watson to develop an ecosystem of leading policy and claim administration vendors and support faster integrations with Radar Live, a company statement says.
Willis Towers Watson describes its Radar Live price delivery software as enabling a wide range of analytics outputs to be deployed in real time at the point of quote, from traditional rating structures to complex pricing algorithms with sophisticated embedded risk models, including machine learning. The software is designed to provided enhanced pricing flexibility and responsiveness to market developments, and it also creates material operational efficiencies and reduces the risk of costly rate implementation errors, according to the vendor.
The Willis Towers Watson announcement reports that while the Tia rating engine will continue to be a central part of the Tia Solutions, a number of customers deploy external rating engines, such as Willis Towers Watson’s Radar Live, to benefit from advanced analysis and pricing. Integrating the two systems seeks to allow users to take full advantage of both Tia and Radar Live for frequent rate adjustments and the ability to build more complex tariffs.
Through the integration of the two systems, the rates Radar Live generates are instantly available in the Tia Solutions and accessible to all relevant users within an insurance company, according to the Willis Towers Watson statement. Radar Live captures all of the company’s underlying pricing and underwriting rules to create highly sophisticated pricing algorithms. These are then transferred to Tia’s product engine almost instantly, the statement asserts.
“By providing a standard integration, the integration costs are minimal compared to the up-front and maintenance costs of an in-house integration project,” comments Anders Rosenbeck, COO, TIA. “Our collaboration with Willis Towers Watson will help Tia customers using Radar Live keep their competitive edge as the industry evolves. We look forward to a successful partnership.”
Old Mutual iWyze (Johannesburg, South Africa) is among several companies that have used Radar Live together with Tia. “Some of our main challenges with operating a multiproduct, multi-brand strategy across an omnichannel environment were accessing accurate rates and getting new products to the market quicker than our competitors,” comments Jan Marais, the company’s head of IT and Strategic Products. “Leveraging Radar Live integrated with Tia was the solution.”
“We are delighted to be working with Tia, and this collaboration will help to expedite the significant value that comes from a combined Tia Solutions and Radar Live integration, including improved speed to market and best practice implementation,” comments Andrew Harley, Director, Global Partnerships, Willis Towers Watson.