Radar pricing software updated to version 4.1
London, UK (July 11, 2018) – Willis Towers Watson has launched an updated version of its Radar pricing software, harnessing the latest technology to improve the sophistication in commercial lines pricing and underwriting. Users of Radar 4.1 will benefit from enhanced features, which include:
- Significant improvements made to simplify further the integration of Radar Live, Willis Towers Watson’s point-of-sale rating software, into the existing IT systems of commercial lines insurers and other entities writing policies with multiple coverages.
- A customisable, visual mapping experience, allowing Radar’s diagnostics to be overlaid on an OpenStreetMap background. This new capability enhances the understanding of geographic exposure, helping to enrich reporting and improve overall performance by facilitating greater pricing accuracy and more effective management of accumulations of risk.
Sophisticated coverages, according to Willis Towers Watson, are now more easily represented than ever before, permitting greater efficiency and accuracy of rate deployment in a volatile industry where new exposures are constantly emerging.Radar Live implementations are also more transparent and quicker to deploy, removing a further layer of IT complexity from rating environments.
David Ovenden, Global Product Leader for Product Pricing Claims and Underwriting at Willis Towers Watson, said: “Commercial lines underwriters are increasingly looking to technology solutions to drive efficiency and automation within their businesses. This latest release eases Radar’s adoption as the core of portfolio management and streamlines IT processes.
“The ability to visualise exposure in the context of real-world maps allows managers and case underwriters to gain an unprecedented understanding of the effects of geography on their portfolio,” he added.
The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; Radar Optimiser for price optimisation; and Radar Live for rate delivery.
All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorisation and assessment of risk by geography.
About Insurance Consulting and Technology
Willis Towers Watson’s Insurance Consulting and 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 Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) 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. Learn more at willistowerswatson.com.
SOURCE: Willis Towers WatsonTags: insurance pricing, Willis Towers Watson (WTW)