Royal London have licensed Radar Live quotation software from Willis Towers Watson – the first UK company to use it for life insurance.
Radar Live allows a wide range of analytics to be utilised in real time at point of quote. Furthermore, it provides pricing flexibility and responsiveness. Willis Towers Watson also states that it will reduce the risk of costly errors in programming rates in multiple environments for Royal London.
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According to Willis Towers Watson, this reflects a trend in the market. Insurers are facing intense competition and need to employ new data sources and advanced analytic techniques. They also need to deliver rates and rules 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.”
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