Radar Workbench, the latest software technology to launch from the award-winning Radar suite, has been developed to revolutionise frontline underwriting performance
London, UK (Apr. 22, 2021) – Willis Towers Watson, a leading insurance consulting and technology provider, has launched Radar Workbench, new software technology that will transform the performance of frontline underwriters, allowing them to make better decisions at pace and with confidence.
Big data, advanced analytics and AI continue to evolve, and are recognised by commercial insurers as critical to underwriting excellence. Yet underwriting has been slow to adapt, as significant challenges obstruct efforts to adopt new technologies, such as fragmented processes, multiple legacy platforms and lack of data strategies.
Many insurers, for example, rely on manual processes and spreadsheets that are not equipped to deal with the size and complexity of data insurers access today, limiting their ambitions to develop more robust, sophisticated pricing and accurate claims reserving.
“Commercial products are complex, with underlying exposures making effective technology responses challenging and often expensive. With margins tight and risks increasingly unpredictable, insurers are under pressure to improve performance whilst still operating within historic constraints,” said Dave Ovenden, Global Head of Product, Pricing, Claims and Underwriting (PPCU) Consultancy, Willis Towers Watson.
“Radar Workbench has been developed to provide the optimal environment that supports underwriters in making complex decisions at pace and with confidence. The user is supported by contextually relevant insights about the client and risk being underwritten, framed in a modern and intuitive user interface that enables the frictionless flow of data.”
Radar Workbench, designed to harness a broad range of internal and external data assets, delivers configurable, rich and contextual analysis for specific cases to the underwriter’s desktop in real time. The Radar technology also significantly improves connectivity across the value chain:
- Case underwriters can make well informed and confident decisions about the pricing and underwriting of risks.
- Radar Workbench supports better communication with portfolio managers, who can then perform granular analysis, test scenarios and implement changes seamlessly to underwriters.
- Experts are supported with accurate insight, appropriate automation and, critically, context from the wider business.
- The platform is easy to configure, making it effortless to connect the intuitive user interface with internal systems and external sources of data.
Dave Ovenden said: “Radar Workbench is built for commercial insurers by people who have worked in the industry and understand its challenges. Technology can support complex judgements involved in commercial insurance, but has to work intelligently and fit the organisational culture. This principle underpins Radar Workbench, an ‘out of the box’ revolutionary analytical platform designed to help the role of the insurance professional evolve and meet the industry and customer needs of tomorrow.”
About Radar Workbench
Radar Workbench is software technology developed to transform underwriting performance, building on and seamlessly integrating with the full Willis Towers Watson Radar product suite. Built with the latest technology, Radar continues the evolution of Willis Towers Watson’s market-leading software products for P&C, Life insurer and intermediary teams, including actuaries and underwriters, providing powerful management information to support portfolio monitoring, price optimization and rate delivery.
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 more than 140 countries and markets. 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: commercial lines, launch, Willis Towers Watson (WTW)