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Press Release

New collaboration between Willis Towers Watson and Pega drives digital transformation in insurance pricing

Insurance Consulting and Technology
Insurer Solutions|

March 18, 2021

Pegasystems and Willis Towers Watson to work closely with clients to deliver sophisticated real-time pricing and integrated workflow management.

LONDON, March 18, 2021 — Willis Towers Watson today announced that Pegasystems, the software company that crushes business complexity, is to become the latest vendor to join its global Radar Live Collaboration programme. The 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 leading insurance software houses and system integrators.

Pega, a market leader in intelligent automation and low-code solutions according to Gartner and Forrester, is used by insurers to manage business critical workflow processes, from customer management, to underwriting operations through to claims management. Its API connectivity helps facilitate easy and rapid integration with Radar Live, Willis Towers Watson’s market leading pricing and decision support solution.

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.

This collaboration will help insurers to rapidly implement Radar Live pricing, rules and decision support into to their portfolio management, pricing and claims decision workflow processes managed by the Pega system.

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.”

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.”

Andrew Harley | Director at Willis Towers Watson

Andrew Harley, Director at Willis Towers Watson, said: “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.”

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.

About Radar Live

Radar Live is point-of-sale insurance rating software that builds on, and completely integrates with, Willis Towers Watson’s analytical software Emblem, Classifier, Radar Base and Radar Optimiser. It harnesses the analysis of this software by directly using insurance pricing models developed by analysts and replicating their results exactly in a calculation engine that interfaces with existing IT administration systems. Click here for more information about Radar Live.

About Insurance Consulting And Technology

Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.

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