WTW and short-term insurance broker Tempcover have partnered to apply the former’s Radar Live software for usage-based insurance.
Radar Live will be the pricing and decision engine platform for Tempcover’s digital short-term vehicle insurance proposition, which will deliver smoother rate deployments and improved speed to market, WTW said.
Prior to this, Tempcover had created an in-house proprietary technology that provides customers with comprehensive short-term insurance for cars, trucks, motorcycles, and commercial vehicles within 90 seconds. WTW’s pricing consultancy team worked closely with Tempcover to enhance these existing capabilities by creating a new pricing engine which can support up to hundreds of millions of quotes per year.
“We are delighted that Tempcover has chosen to partner with WTW in defining the digital evolution of the UK automotive retail market,” said Tim Rourke, UK head of P&C pricing, product, claims and underwriting, WTW. “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.”
WTW said the collaborative nature of the implementation allowed Tempcover to quickly become fully self-sufficient, with an improved capability to derive insights from valuable data sources, access to advanced analytical methods and the ability to deploy sophisticated algorithms to market with support from WTW’s pricing consultancy team.
“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,” said Alan Inskip, CEO of Tempcover. “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.”
