Willis Towers Watson Insurance Consulting and Technology implements Radar pricing suite, to support E.design’s longer-term ambitions of providing fair and stable insurance to the industry
ASIA, November 4, 2021 – Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announces today that E.design Insurance Co., Ltd. (EDSP), an online direct motor insurance company under Tokio Marine Group, has adopted Willis Towers Watson's (WTW) pricing solution, the Radar pricing suite. Radar suite enables EDSP to make fast and effective pricing and underwriting decisions, from back-end risk analysis and customer behaviour prediction to front-end consumer website interface in the insurance premium determination process. It is the first non-life insurer in Japan to implement Radar Live to deliver insurance premiums through a website interface.
Shigeo Kuwabara, CEO at EDSP said: “With intense competition and major changes in the automobile environment, including lifestyle changes triggered by COVID-19 and the development of advanced safety technologies, we needed to accelerate our go-to-market efforts. Through WTW’s unique combination of deep insurance knowledge and leading-edge technology, licenced to the world’s largest insurance groups, we can now accurately predict the future and provide fair and stable insurance provisions through advanced analytics.”
Chiaki Tanaka, Head of Insurance Consulting and Technology for Japan at WTW, said: “We understand that for a client such as EDSP, the ability to access advanced and predictive analytics, operational efficiency, flexibility, and speed to deliver a new insurance pricing rate to market are critical factors to support its ambitions of providing fair and stable insurance to the industry. All these factors make it possible for EDSP to react faster to market dynamics and changes, allowing the calculation and delivery of quotations on their website to customers in real-time.
We are delighted that we can share the best practices of effective pricing through our sophisticated insurance pricing suite of software, Radar, and assist EDSP in their transformation and customer journey.”
By deploying WTW’s pricing solutions, Emblem, Radar Base and Radar Live, EDSP can now capture unique insights from its vast store of customer data, allowing fast and efficient predictive pricing, and take accurately priced insurance products quickly to market.
To date, the Radar solution is being used by 23 out of 25 of the world’s largest insurance groups, and Radar Live is licensed in 35 countries across six continents.
Developed specifically for insurers, the Radar pricing suite, has revolutionised how the industry assesses and implements pricing and underwriting decisions.
Willis Towers Watson Radar product suite provides all the necessary features for insurance product pricing and allows users to prepare, analyse and run data with simple steps, without coding skills. Powerful graphic display, highly interactive, visual and customisable reports enhance visual and intuitive understanding of the data and results, helping insurers to make faster, better decision.
The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; Radar Optimiser for price optimisation; and Radar Live for rate delivery. All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorisation and assessment of risk by geography.
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 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.
