Radar Live. A new era in real-time price delivery

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1 A new era in real-time price delivery

2 A major leap forward in pricing delivery is game-changing enterprise software that revolutionises the way that insurers can deliver prices to their customers. The intensely competitive environment in which insurers operate is such that it has never been so important to get rates to market accurately and quickly. With the trend towards managing insurance businesses more around the consumer, pricing functions are also contending with an increasing market need for sophistication, the wider use of data including big data, and the need to be agile and get rates to market more quickly. allows insurers to capture all the elements of their pricing analysis from traditional rating structures through to complex price optimisation algorithms with sophisticated embedded risk models and implement them directly into the point-of-sale rating engine. All at the touch of a button, regardless of whether pricing for direct, aggregator, broker or agent distributed business. Radar products Radar Radar Dashboard Radar Optimiser Radar Live allows insurers to capture all the elements of their pricing analysis... and implement them into the point-of-sale rating engine. 2 towerswatson.com

3 The benefits With, one holistic environment supports both analytics and pricing delivery. combines best practice pricing capability with a wide range of practical management and competitive benefits. delivers Pricing sophistication Pricing sophistication, permitting both simple and highly complex pricing approaches System scalability that can cope with hundreds of millions of quotes per year Speed to market Pricing agility MI to decision to execution within a day (or hour) Operational efficiency Rapid reaction to market developments Significant operational efficiencies by reducing data input and transfer requirements Accuracy Extremely accurate rate deployment Robust audit and governance controls 3

4 How it works captures all your pricing and underwriting rules (including every supporting model, parameter or projection) and replicates that perfectly in a calculation engine that interfaces with existing administration systems. The software sits alongside existing administration systems and interfaces with them using standard modern IT protocols. Installing it involves a straightforward and simple implementation project. builds on (and completely integrates with) s well-established analytical software Emblem, Classifier, and Radar Optimiser. Some 3,000 users around the world already rely on these products for sophisticated predictive modelling, pricing management information, rate calibration and decision support, and state-of-the-art price optimisation. Figure 01. Implementation and rate delivery Radar Optimiser Models Projections Metrics Selections Optimisation calibrations Price tests Strategy tests Underwriting rules 4 towerswatson.com

5 Figure 02. Workflow Quotes Main policy admin system Quote MI Interface layer Operational Existing New Model validation Data warehouse Analytical suite Pricing committee review The workflow starts with the existing data warehouse feeding the analytical suite. From here, traditional pricing analytics can take place, resulting in pricing recommendations and justifications being passed to the pricing committee (or relevant governance entity) for review. Once approved, the recommendation, still in Radar form, passes to a validation and test environment for confirmation of the accuracy and performance of the rules. After testing and the granting of relevant governance authorisations, the rating rule can pass into the live environment to price individual quotations as they happen. Once live, monitoring of emerging experience takes place, allowing dynamic adjustment of rates within specified ranges based on that experience. The software sits alongside existing administration systems... Installing it involves a straightforward and simple implementation project. Figure 03. Pricing analysis and deployment in Radar 5

6 A complete pricing solution For years, has been supporting insurers with software and consulting in pricing analytics. Now we can extend that to actual delivery through, supported by specialist technology consulting services that install and support the system with 24/7 support options. Figure 04. pricing solution Analysis and decision making Pricing delivery Consulting Actuarial and Business Consulting Effective pricing and underwriting reviews Analytical projects with knowledge transfer Outsourced statistical modelling Secondment support Towers Watson Technology Consulting Platform review Technology selection Application integration and process automation implementation Software Radar, Emblem, Classifier Analytical and reporting suite Real-time calculation delivery We are confident that no other company can offer comparable breadth and depth of insurance pricing support and expertise, backed up by a track record of delivering material business improvements against defined objectives such as underwriting profitability, premium volumes and targeting of specific market segments....no other company can offer comparable breadth and depth of insurance pricing support and expertise. 6 towerswatson.com

7 Take your pricing performance to new levels by contacting us for a demonstration at: radarlive@towerswatson.com To watch our video please visit: 7

8 Software portfolio provides sophisticated risk, analytics and consulting solutions that help property & casualty (P&C) and life insurers meet the rapidly evolving demands of today s market. s software offerings provide a truly comprehensive portfolio of analytical software. We combine innovative actuarial thinking with software expertise to develop comprehensive solutions that measure value, manage risk and safeguard solvency. Pricing software Our software tools enable you to plan, manage and optimise your pricing process. Used independently or with our consultancy services, these tools are powerful additions to your business. Financial modelling software Clients in more than 30 countries leading P&C and life insurance companies, multinationals, pension funds, mutual funds and asset managers use our systems for enhanced risk and capital management. Emblem Classifier Igloo RiskAgility FM RiskAgility EC Radar Dashboard ResQ Replica Radar Optimiser Standard Formula These additions to our established capital modelling solutions aim to simplify the challenges of calculating the Solvency II Standard Formula SCR for life, P&C and composite insurers. RiskAgility SF Igloo SF For more information, contact your local office or us at software.solutions@towerswatson.com is represented in the UK by Limited. The information in this publication is of general interest and guidance. Action should not be taken on the basis of any article without seeking specific advice. To unsubscribe, eu.unsubscribe@towerswatson.com with the publication name as the subject and include your name, title and company address. About is a leading global professional services company that helps organisations improve performance through effective people, risk and financial management. With more than 14,000 associates around the world, we offer consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Copyright All rights reserved. TW-EU March towerswatson.com