The news follows on from WTW’s third-quarter results for 2023. The company reported a remarkable 9% growth in organic revenue, with total revenues surging by 11% to reach $2.17 billion.
Under the new partnership, CSAA Insurance Group will license WTW’s Radar software, a platform designed to enhance predictive modeling for pricing and underwriting scenario impacts on crucial performance indicators. The software’s capabilities extend from simple assessments to more intricate multi-period, multi-product projections, providing a comprehensive analytical tool for insurers.
Radar’s key strength lies in its ability to support fair pricing assessments across diverse business lines within the insurance value chain. This includes personal, commercial, life, accident, and health insurance, offering a versatile solution for insurers seeking advanced analytical insights.
Earlier this year, WTW rolled out the latest iteration of its Radar pricing software, called Radar 4.15 which introduces a pioneering capability, streamlining the use of machine learning’s full predictive power for insurers.
The market-first feature in Radar 4.15 significantly enhances the ease with which insurers can leverage the capabilities of machine learning, marking a notable advancement in the realm of predictive modeling for the insurance industry.
Laura Doddington, Head of Personal Lines Insurance Consulting and Technology at WTW North America, explained: “Radar reduces the time it takes to make underwriting and pricing decisions. It increases analytics transparency, providing companies with a trusted, proven, and secure solution.”
Todd Walker, chief actuary for CSAA Insurance Group, also commented: “We continuously challenge ourselves to find innovative ways to better serve our customers.
He added: “From quoting to claims resolution, we are committed to pursuing software solutions that offer a superior insurance experience, Radar, and we look forward to partnering with WTW.”
Author: Joanna England
