Willis Towers Watson (WTW) global advisory, broking and solutions company, has partnered with InsurTech Tempcover to deliver a usage-based automotive insurance solution for the digital generation.
The partnership will see WTW’s insurance rating software Radar Live be licensed as Tempcover’s price delivery and decision engine platform.
Combining WTW’s Radar Live technology with Tempcover’s fully digital short-term vehicle insurance proposition provides a solution that delivers cutting-edge pricing, smoother rate deployments and improved speed to market, WTW said.
Tempcover specialises in short-term car, van, motorbike, student, and learner insurance. It enables drivers aged 18-75 with full UK, provisional and EU licences to purchase temporary fully-comprehensive coverage from as little as 1-hour to 28-days in duration.
WTW provides data-driven, insight-led solutions in the areas of people, risk and capital, aiming to help organisations sharpen their strategy and maximise performance.
Using its own in-house proprietary technology, Tempcover had already created a simple and transparent purchase journey designed to provide users with fully comprehensive short-term insurance within 90 seconds for cars, trucks, motorcycles, and commercial vehicles.
WTW’s pricing consultancy team worked closely with Tempcover to enhance these existing capabilities by constructing a more sophisticated pricing engine with the stability to support hundreds of millions of quotes per year and unrivalled flexibility to enable a competitive edge in a changing marketplace.
Tim Rourke, UK Head of P&C pricing, product, claims and underwriting at WTW, said, “We are delighted that Tempcover has chosen to partner with WTW in defining the digital evolution of the UK automotive retail market.
“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.”
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