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Health insurance provider, Bupa UK is now using WTW’s Radar Live as its lead pricing platform after both companies announced their new partnership with the re/insurance broker.
The platform incorporates analytical and modelling methods to help create health insurance price premiums faster for individual customers.
According to the announcement, this leads to improved pricing, greater accuracy in predicting customer claims, and improved underwriting performance.
Adrian Baskir, Chief Commercial Actuary at Bupa UK Insurance, commented: “At Bupa, our ambition is to be the most customer-centric company in the world, and using the Radar Live platform supports that ambition by offering a more agile, personalised experience for our customers when it comes to pricing.
“This forms part of our transformation strategy, which is continuing at pace so we can adapt to the changing external environment and transform Bupa to meet changing customer expectations.”
Tim Rourke, UK Head of P&C Pricing, Product, Claims and Underwriting at WTW, said: “We are delighted Bupa UK has chosen to work with WTW. By confirming Radar Live as their pricing platform of choice, Bupa is well placed to enhance its digital capability by offering cutting-edge pricing and underwriting excellence that will help build on their commitment to improved customer engagement and satisfaction.”
Earlier this year WTW launched the newest version of Radar’s software, named Radar 4.15.
According to WTW, this latest version introduced a market-first capability which makes it significantly easier for insurers to benefit from the full predictive power of machine learning, without losing the ability to interpret accurately the outcomes of increasingly complex models.
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