Willis Towers Watson, Pega drives transformation in insurance pricing

By Sunniva Kolostyak

Willis Towers Watson, the advisory, broker and solutions company, has added software provider Pegasystems to its Radar Live Collaboration programme to provide real-time pricing and integrated workflow management to insurers.

Pegasystems, or Pega, focuses on reducing business complexity with low-code solutions for workflow, customer management, underwriting and claims management. Its API connectivity will facilitate easy and rapid integration with Radar Live, Willis Towers Watson’s pricing and decision support solution.

The collaboration programme has been developed so that insurers can realise the benefits of faster and smoother integrations with Radar Live, the price delivery and decision engine platform, through an ecosystem of software houses and system integrators.

Radar Live allows insurers to rapidly inject sophisticated pricing, rules and decision support models into the Pega system. Models can be developed, scenario tested and deployed rapidly thereby reducing costs, reducing decision cycle times and increasing confidence around pricing and business decisions.

Commenting on the partnership, Kieran Tarrant, Vice President Sales, UK & Ireland, at Pega, said: “We are thrilled to collaborate with Willis Towers Watson and Radar Live, a best of breed pricing and rules-based engine. Pega drives efficiency, maximises effectiveness, crushes complexity and combines the excellence of Radar Live with Pega, a world-leading case management capability to deliver quality underwriting outcomes for insurers and their customers.”

According to Willis Towers Watson, new data sources and the accessibility of machine learning algorithms have raised the bar for expected analytics performance and the level of sophistication in automated decision making. At the same time, consumers’ demand for online and mobile insurance quotes, to compare and contrast multiple quotes, and their expectation of fast claims settlements have driven the need for delivering rates and rules to market quickly and accurately.

Andrew Harley, Director at Willis Towers Watson, added: “We are delighted that Pega has joined our Radar Live collaboration programme. With data and advanced analytics as the frontiers of change in the insurance sector, companies must migrate their operations to connected, flexible and agile systems capable of creating competitive advantage. Pega’s international success in driving sales, minimising expenses, helping improve underwriting consistency, and maximising the customer experience will mean this collaboration will drive significant value to our mutual customers across the world.”