Insurance broker Willis Towers Watson has launched Radar Workbench, new software technology aims to transform the performance of frontline commercial underwriters.
“Radar Workbench has been developed to provide the optimal environment that supports underwriters in making complex decisions at pace and with confidence,” according to Dave Ovenden, global head of Product, Pricing, Claims and Underwriting (PPCU) Consultancy, Willis Towers Watson.
“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,” he added.
Big data, advanced analytics and AI continue to evolve, and are recognized by commercial insurers as critical to underwriting excellence, but underwriting has been slow to adapt, said Willis Towers Watson in a statement
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, the broker said.
“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 Ovenden.
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.
Additional aspects of Radar Workbench include:
- 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.
Source: Willis Towers Watson
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