Willis Towers Watson announced the launch of the latest version of its Radar pricing software. With the speed of change and disruption across markets and products accelerating, Radar 4.2 provides insurers with “a future-proofed solution designed to achieve agile, sophisticated pricing, and a new level of market responsiveness and analytical sophistication,” said Willis Towers Watson in a statement.
A new algorithm delivers major performance improvement – up to six times faster than the previous edition – which saves analysts time in creating deployable models.
Built with the latest technology, the new version of the software also allows access to data, calculations or services, such as advanced machine learning models, outside of the Willis Towers Watson pricing suite via a versatile external callout component, said WTW.
This capability gives access to a wide range of information insurers may hold externally to their Radar models, reducing the complexity of any integration, while offering a flexible and extendable way to enrich their pricing solution, the company said.
“This is the latest in a series of upgrades, continuing Radar’s evolution and our commitment to providing insurers with the next-generation tools needed to face new challenges presented by an industry in constant change,” said Neil Chapman, global product leader, Pricing Products Claims and Underwriting at Willis Towers Watson.
“With insurers facing continual pressure to employ new data sources and advanced analytical techniques, Radar 4.2 is a real game changer that presents innovative features that deliver richer insights and greater flexibility, as well as improved speed to market, pricing accuracy and operational efficiency,” he added.
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 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 categorization and assessment of risk by geography.
Source: Willis Towers Watson
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