WTW has signed a global agreement with Zurich Insurance to deploy Radar, WTW's end-to-end rating and analytics software, across Zurich's target retail insurance markets worldwide.
Selected after a rigorous process, the deal builds on and significantly expands the two companies' existing agreement, which previously saw Radar technology deployed across Zurich's primary retail lines within a number of country-level markets. With this new agreement, Radar is set to improve Zurich's pricing sophistication and risk selection across the Swiss insurer's international footprint.
Soledad Mune, group head of retail transformation at Zurich, said pricing sophistication was critical to long-term profitability.
"Improved pricing sophistication and risk selection are critical to long-term profitability in retail. WTW brings proven knowledge and reliability, and Radar offers a market-leading pricing platform, global adoption and ease of scaling through a centralized tech infrastructure. We look forward to further capitalizing on WTW's expertise," said Mune.
Georgy Matov, managing director and Zurich global relationship leader for insurance consulting and technology at WTW, said the deal expanded a successful collaboration.
"We are delighted Zurich has chosen Radar as its global pricing solution, which expands our successful collaboration. We will apply our deep industry expertise and insurance technology solutions to help Zurich enhance its pricing and risk management capabilities through advanced functionality across monitoring, analytics, decision-making and deployment," said Matov. "Radar continues to develop at an unprecedented pace, with the latest release including ground-breaking insurance-honed AI portfolio management capabilities."
Radar was built specifically for the insurance industry, and is designed to provide a suite of advanced capabilities, helping both personal and commercial lines insurers to unlock smarter, data-driven decision-making at scale. Key benefits include real-time insights for more accurate risk assessments, cutting-edge AI techniques, enhanced pricing accuracy, and improved speed and agility across pricing, portfolio management, claims, and underwriting.
