WTW has announced a partnership with Keylane, a policy administration system provider based in the Netherlands.
The collaboration aims to help insurers improve real-time pricing and accelerate time to market by integrating WTW's Radar pricing software with Keylane's Axon insurance platform.
As part of the agreement, Keylane will join WTW’s Insurance Technology Partner Network, an alliance of insurance software providers.
WTW said that both companies plan to develop an accelerator to streamline the integration of Radar, WTW’s end-to-end solution for rating, analytics, monitoring, and model deployment, with Axon, Keylane’s unified core insurance platform. The integration will allow insurers to deploy rates more quickly, reduce operational expenses, and enhance customer service.
Radar’s technology will enable insurers to generate rates that are instantly available on the Axon platform, accessible through all distribution channels. The system captures insurers' pricing and underwriting rules, transferring complex pricing algorithms directly to the Axon platform.
Marc van den Pol, vice president of sales and marketing at Keylane, said the partnership would strengthen Keylane's offerings by providing customers with easy access to advanced price optimization tools.
“At Keylane we are always striving to help our customers innovate and react to market pressures as rapidly and effectively as possible,” van den Pol said.
Peter Hoogveld (pictured above), WTW’s Benelux P&C practice leader, also commented on the addition of Keylane to the Insurance Technology Partner Network.
“Establishing connectivity with Radar allows Keylane’s customers to be far more agile in their response to competitors, giving their pricing teams the ability to change prices in a quick yet controlled way, including adding new pricing factors easily, without the need for a large IT project,” Hoogveld said.
Last month, the global firm also unveiled a new China client division within its corporate risk and broking (CRB) operations in North America, naming Jie Yan as division leader.
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