Royal London has licensed Willis Towers Watson’s Radar Live quotation software for use in its protection business, making it the first UK company to use the software for life insurance business.
Royal London are now also using Radar Live to provide quotations for the intermediary protection market.
Radar Live, Willis Towers Watson’s pricing delivery software, enables a wide range of analytics to be deployed in real time at the point of quote – from traditional rating structures to complex pricing algorithms with sophisticated embedded risk models. The software not only provides enhanced pricing flexibility and responsiveness to market developments, but also creates material operational efficiencies and reduces the risk of costly errors in programming rates in multiple environments.
According to Willis Towers Watson, this announcement also reflects a wider market trend as insurers face intense competitive pressure to employ new data sources and advanced analytic techniques in setting rates, while also delivering rates and rules to market quickly and accurately.
Alan Clarkson, Head of Protection Pricing, Royal London Intermediary said: “The use of Radar Live allows us to be far more reactive to the market, and gives the pricing team the ability to change prices in a quick but controlled way and to add in new pricing factors easily, without the need for a large IT project. We are excited about the additional flexibility this will give us to help maintain and grow our competitive position”.
Alastair Black, Director at Willis Towers Watson said: “Radar Live is already licensed by a majority of the UK motor market, but this represents the first such use of the software in the life insurance market. This reflects the increasing sophistication of the protection market in gaining a more granular understanding of customer behaviour, in developing clear, implementable customer fairness principles, and also in being able to price in a far more agile way.
“We are delighted to have worked with Royal London to help them stay at the forefront of pricing sophistication in the market, building on our previous pricing work with them, and helping them to maximise the value from our Radar suite of software.”