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.”
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.”