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Reinventing insurance for the digital generation

Radar Live: Platform for Digital Partners, a Munich Re company

Insurance Consulting and Technology
Insurer Solutions

January 22, 2021

Willis Towers Watson has been engaged by Digital Partners (DP), a subsidiary of global reinsurer Munich Re that partners with insurtech startups, in a new deal that will see DP license Radar Live as their lead pricing platform.

The first major initiative from this collaboration will be to support the UK-based retailer John Lewis in delivering a new home insurance product for its customers.

Our Solution

Radar Live, Willis Towers Watson’s pricing software, will further enhance DP’s delivery of consistent, accurate pricing and underwriting decisions, complementing the reinsurer’s expertise in digital insurance solutions for startups. The initiative with John Lewis, that also includes Sedgwick, Hood Group and ICE InsureTech, reflects the increasing need for greater pricing sophistication to help insurers digitise faster and more efficiently, deepening their customer relationships.

In addition to the capacity and insurance expertise insurtechs already receive from their strategic partnerships with DP, Radar Live will give them improved capability to derive sophisticated insights from valuable data sources, advanced analytical methods and market-leading machine learning models, in real time and from a single platform.

With data and advanced analytics as the frontiers of change, both small and large intermediaries continue to license Radar as they explore new technologies to help their operations migrate to connected, flexible and agile systems capable of responding quickly to changing market conditions, pricing accuracy and operational efficiency.

The Outcome

Digital Partners is a market leader in supporting insurtechs to innovate and digitise insurance along the whole value chain.

By confirming Radar Live as their pricing platform to deliver sophisticated rates, DP further enhances its capability to offer cutting-edge pricing and underwriting excellence to small, agile startups on the frontline in transforming the digital customer experience.

Our new partnership with Digital Partners further underlines our commitment to developing software that is relevant, accessible and affordable to insurers of every size – from the largest multinational to innovative startups - pioneering the delivery of digital insurance to meet changing customer needs.

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