Insurtech pioneer Tempcover becomes the first short-term insurance provider to license the market-leading pricing platform Radar Live to support real-time pricing.
WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory, broking and solutions company, announced today a new deal with Tempcover that sees one of the UK’s largest short-term insurance brokers license Radar Live as its price delivery and decision engine platform. Combining WTW’s Radar Live technology with Tempcover’s fully digital short-term vehicle insurance proposition provides a solution that delivers cutting-edge pricing, smoother rate deployments and improved speed to market.
Using its own in-house proprietary technology, Tempcover had already created a simple and transparent purchase journey designed to provide users with fully comprehensive short-term vehicle insurance quotes within 90 seconds. WTW’s pricing consultancy team worked closely with Tempcover to enhance these existing capabilities by constructing a more sophisticated pricing engine with the stability to support hundreds of millions of quotes per year and unrivalled flexibility to enable a competitive edge in a changing marketplace.
Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting, WTW, said: “We are delighted that Tempcover has chosen to partner with WTW in defining the digital evolution of the UK automotive retail market. 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.”
Alan Inskip, CEO at Tempcover, 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. 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.”
The collaborative nature of the implementation ensured Tempcover was able to become fully self-sufficient in a short space of time, with WTW software giving its pricing team improved capability to derive insights from valuable data sources, access to advanced analytical methods and, with support from WTW’s pricing consultancy team, the ability to deploy sophisticated algorithms to market.
“This new collaboration with Tempcover continues our commitment to developing software that is relevant, accessible and affordable,” commented Rourke. “Small and large intermediaries continue to license Radar as they explore new technologies to help their operations migrate to connected, flexible and agile systems in order to thrive in the digital age and meet changing customer needs.”