Willis Towers Watson has released a new version of its Radar pricing software to enhance support for the growing demand for pricing sophistication from property and casualty (P&C) insurance markets around the world.
“The leap forward in processing speed of Radar 2.0 enables insurers to extend their pricing decision support analyses with expanded data volumes,” said Willis Towers Watson Watson in a statement. The software also incorporates a broader range of analytical techniques, including the ability to implement machine learning models.
“Worldwide, we see that insurers are on continuing, and often market-enforced, journeys to improve pricing effectiveness,” said Duncan Anderson, Willis Towers Watson’s Global P&C Pricing and Product Management leader. “Our strategy for developing Radar is also guided by those journeys, whether companies are at the stage of increasing the number of factors used in pricing, or executing top-end analytics in real time at the point-of-sale, including machine learning approaches.”
Other updated features of the Radar software platform include an enhanced and intuitive reporting interface and extended support for diverse policy types. Radar 2.0 is also designed to complement Willis Towers Watson’s newly upgraded predictive modeling program, Emblem 4.5.
“The launch of Radar 2.0 is a significant step forward in our continuing pursuit of empowering insurers with greater pricing sophistication, speed and scalability,” Anderson continued.
Willis Towers Watson described additional new features of Radar 2.0, including:
- Radar 2.0 introduces the ability to import models from external packages, such as R (the programming language), using the Predictive Modeling Markup Language (PMML).
- Processing speeds are now three times faster than the earlier edition for typical models and hardware. (This results from Radar being enhanced to run elements of a calculation simultaneously where multiple processors or cores are available, and calculated results can now be saved and reloaded to reduce processing requirements.)
- The latest version provides an update to the reporting look and feel as wells as instant and interactive visualization.
- 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 Optimiser for price optimization; and Radar Live. All are fully integrated with Emblem and Classifier, other well-established pricing analytics products in the Willis Towers Watson software portfolio.
Source: Willis Towers Watson
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