Radar 4.5: next-generation insurance software addresses demand for pricing fairness and transparency as rules tighten
Arlington, VA (Aug. 6, 2019) – Willis Towers Watson, a leading global advisory, broking and solutions company, has released an updated version of its Radar pricing software. Radar 4.5 delivers a range of metrics that provide companies with valuable insights on pricing fairness to support the selection of rates, which meet the business goals of insurers and needs of their customers.
“Increasing regulatory pressure to demonstrate transparency in pricing means insurers must work out the best way to define, monitor and exhibit fairness. This is a significant challenge for insurers already under pressure to innovate in a fiercely competitive industry,” said James Tanser, director, Insurance Consulting and Technology, Willis Towers Watson. “This latest release of Radar gives insurers the tools they need to measure fairness in their pricing models and deliver on their commitment to give customers clear and fair information so they can make the right decision.”
Radar 4.5 includes an evaluation library component to help insurers assess their pricing choices against several measures of fairness, such as fairness through unawareness, the quota system and conditional group parity — and determine whether or not their prices adhere to or violate any of those particular metrics within their portfolio.
Other updated features of Radar include further enhancements to the elastic net machine learning method.
The full Willis Towers Watson Radar product suite comprises the Radar Base modeling and reporting environment, Radar Dashboard for sharing pricing management information across the organization, Radar Optimizer for price optimization and Radar Live for rate delivery.
All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex data sets to reveal the underlying pattern; and Classifier, which provides detailed categorization 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 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise 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 Consulting and Technology, insurance pricing, Willis Towers Watson (WTW)