WTW, Sompo form global partnership on Radar pricing rollout

The Japanese company said it allows them to revise premiums faster.

WTW and Sompo Holdings have announced a global partnership to roll out WTW’s Radar pricing technology across the Sompo Group.

Sompo Direct Insurance, part of the group, has been using Radar in its automobile insurance business since June to improve risk prediction and pricing. 

The technology allows insurers to analyse customer risk profiles in real time and adjust premiums more quickly.

Tadashi Yamanaka, Executive Officer of System at Sompo Direct, said the adoption of Radar has enabled the company to revise premiums faster in response to market changes, accident trends, and customer risks.

Chiaki Tanaka, Head of Insurance Consulting & Technology, Northeast Asia at WTW, said the technology removes bottlenecks in product development by directly linking premium decisions to production systems, allowing more agile product launches.

Sompo has already begun expanding Radar beyond Japan, starting with Turkey, with further rollouts planned in Southeast Asia.