fbpx

Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

WTW and Tempcover team up for usage-based motor insurance

London, United Kingdom (CU)_ WTW and Tempcover, a short-term insurance broker, have teamed up to use WTW’s Radar Live platform for usage-based insurance. According to WTW, Radar Live will serve as the pricing and decision-making engine for Tempcover’s digital short-term automobile insurance solution, resulting in easier rate deployments and increased speed to market.

Tempcover had previously developed a domestic patented technology that instantly gives consumers complete short-term insurance for automobiles, trucks, motorbikes, and commercial vehicles within a short time of 90 seconds. Price consulting team of WTW collaborated closely with Tempcover to improve these current capabilities through the development of a new pricing engine capable of processing hundreds of millions of quotations each year.

Tim Rourke, UK head of P&C pricing, product, claims and underwriting at WTW, expressed delight over the collaboration. He said, “We are delighted that Tempcover has chosen to partner with WTW in defining the digital evolution of the UK automotive retail market”. He added, “Radar Live is the chosen tool for those who want to embed sophisticated pricing algorithms, allow greater speed to market and place control of pricing into the hands of pricing teams.”

youtube.com

According to WTW, the collaborative nature of the implementation enabled Tempcover to rapidly achieve self-sufficiency, with enhanced ability to derive insights from valuable data sources, access to hi-tech analytical methods, and the potential to deploy modern algorithms to market with the assistance of WTW’s pricing consultancy team, among other benefits.

Alan Inskip, CEO of Tempcover, expressed optimism over the partnership and discussed the benefits of the Radar Live software. He said, “Radar Live is a complete solution in the market for insurers looking to achieve operational efficiency by cutting time and costs of rate implementation and we are already seeing the benefits of our new pricing system”. He added, “Temporary car insurance and usage-based insurance are increasing within the market, and this enhancement in pricing, combined with our existing capabilities, ensures we are well placed to service our customers in this market.”

Latest news

Calls to import coal through aggregating agency

KOLKATA (CU)_Over the recent months, there has been an increase power generated through coal in India, both domestic and imported. As of Friday, power...

Related news

Introducing the first solo dental insurance policy in India

Mumbai, India (CU)_ PNB MetLife is the first life insurance company in India to introduce a Dental Care Plan with OPD benefits. The PNB...

Navacord joins forces with Lyon & Butler of Vaughan

Ontario, Canada (CU)_ Navacord, one of the top commercial insurance brokerages in Canada, has entered into a new agreement with Lyon & Butler Insurance...

Sanlam and Allianz teams up to establish Africa’s largest insurer

Abuja, Nigeria (CU)_ According to the companies, the entity is anticipated to have a combined total group equity value (GEV) of more than €2...

1.11 crore people treated by the Chief Minister’s Comprehensive Health Insurance Scheme

Chennai, Tamil Nadu (CU)_ According to Health Secretary J. Radhakrishnan, the completion of 125 transplants under the TNCMCHIS scheme was a significant milestone. He...

Burns & Wilcox teams up with Loadsure for an exclusive insurance distribution

Ontario, Canada (CU)_ Burns & Wilcox, a wholesale insurance brokerage and underwriting business, has established an exclusive agreement with Loadsure, a worldwide insurtech managing...

HDFC ERGO introduces a new auto insurance policy under IRDAI’s Sandbox program

Mumbai, India (CU)_ HDFC ERGO General Insurance Company, a prominent private sector general insurance business, recently introduced its 'Pay as you Drive' program, which...

NFP will act as Rugby Canada’s official insurance partner

NFP Insurance Brokers has announced a multi-year signature agreement with Rugby Canada. Under the terms of the agreement, NFP will become the athletic association's...

Cross River makes health insurance mandatory for the residents

Abuja, Nigeria (CU)_ The Cross River State administration has revived the Ayadecare Health Insurance Scheme, which has been made mandatory for the state people,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Calls to import coal through aggregating agency

KOLKATA (CU)_Over the recent months, there has been an increase power generated through coal in India, both domestic and imported. As of Friday, power...

Over 6000 employees required for Singapore Changi Airport!

            Singapore (CU)_ Changi Airport Group (CAG) has announced the launch of one of the largest recruiting campaigns in Singapore's aviation sector, with more...

One of Australia’s most anticipated mineral exploration targets is about to be drilled

PERTH (CU)_Chalice Mining has finally received long-awaited approvals to work inside a state forest in Western Australia, which would mean one of Australia’s most...

President Hichilema’s vision for Zambia’s vital mining sector

CAPE TOWN (CU)_Zambia's President Hakainde Hichilema recently participated in the annual African Mining Indaba that was held in Cape Town, South Africa. The Zambian...

A clear signal of intent after breaking the trust of Aboriginal Australians

PERTH (CU)_Back in May 2020, Rio Tinto destroyed a 46,000-year-old Aboriginal site in the expansion of… an iron ore mine in Western Australia. Although the...

A marathon trip designed to signal Beijing’s broader ambitions in the Pacific

HONIARA (CU)_Over the recent weeks, China’s growing influence in the Indo-Pacific has come under the spotlight following a controversial security agreement that was signed...

Queen to perform at Platinum Jubilee concert alongside Sir Elton John and Alicia Keys

LONDON (CU)_In less than two weeks, Queen Elizabeth will be celebrating her 70th anniversary of taking the throne. A series of events are scheduled...

Popular Indian Americans are investing in the US T20 cricket league!

California, USA (CU)_ According to recent media reports, popular Indian American business executives including Microsoft CEO Satya Nadella and Adobe CEO Shantanu Narayen are...

Suhana Khan’s 22nd birthday bash was with the Archies squad!

Mumbai, India (CU)_ Suhana Khan turned 22 this year. The popular star kid celebrated her 22nd birthday with ‘The Archies’ team filled with enjoyment....

Singapore envoy lauds Bangladesh’s electricity and energy sectors

Dhaka, Bangladesh (CU)_ The energy industry of Bangladesh is booming. Recently, Bangladesh began building the 2.4-gigawatt (GW) Rooppur Nuclear Power Plant, which is anticipated...

25 years after the murder, Metropolitan Police still has ‘much to do’

LONDON (CU)_Back in April 1993, Stephen Lawrence, a black British teenager from Plumstead, southeast London, was waiting for a bus in Well Hall Road,...

The transgender community welcomes Pakistan’s Transgender Endowment Fund Bill 2022

Islamabad, Pakistan (CU)_ The transgender community and civil society have lauded the government of Khyber Pakhtunkhwa for passing Pakistan's Transgender Endowment Fund Bill 2022....