Tim Rourke, Director, Insurance Consulting and Technology, Willis Towers Watson, said: "In an increasingly competitive market, Radar delivers a simplified and efficient process, giving insurers a sophisticated platform to make quick informed pricing decisions. This capability is critical for start-ups as they adjust their rate in the early stages in order to refine their rate book and meet their growth aspirations.
“By automating repetitive manual tasks, Radar frees up valuable resources to concentrate on applying the latest analytical techniques to all available data, including data produced by Ticker’s innovative new telematics technology. This delivers an unprecedented understanding of risk, greater efficiency and accuracy of rate deployment in a volatile industry where new exposures are constantly emerging.”
Richard King, Founder and CEO of Ticker, said: “It’s incredibly important for us to attract the best and brightest people in the industry. Surprisingly, one of the biggest pulls is the opportunity of working from a blank sheet; what we then need to do is give our people the leading tools in the market. There’s no question that Radar is the best rating engine of its kind.
“From the beginning, Ticker has aligned with the smartest players in the industry. Willis Towers Watson is in a league of its own, ensuring we are well placed by having on board the latest pricing technology during the critical start-up phase.”
In preparation for the launch of the start-up, Willis Towers Watson has been helping Ticker by providing software support, including the development of advanced Management Information dashboards, as well as acting as an advisory partner to help the start-up identify solutions to other pricing and underwriting challenges.
“We have already had great success in providing a number of emerging firms with specialised support tailored to fit the distinctive needs of each business,” said Tim Rourke. “We now look forward to continuing our work with Ticker, while demonstrating our ongoing commitment to bringing the newest and most innovative insurance consulting and technology to our clients – whether they be multinationals or disruptive start-ups.”
About Insurance Consulting and Technology
Willis Towers Watson’s Insurance Consulting & Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
About Ticker
Ticker is a new telematics insurer due to launch in early 2019. Founded by the insurance innovator Richard King, the business is chaired by Steve Broughton and boasts a stellar cast of executives, non-executive directors and investors, including Gary Lineker and Theo Paphitis. Ticker has an MGA arrangement with Munich Re’s Digital Partners, and Munich Re / HSB Ventures has also invested in the business.
About Willis Towers Watson
Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.