Willis Towers Watson has launched a new version of its Radar pricing software. For the first time, users of Radar 4.0 will be able to build Gradient Boosting Machines (GBMs) and classification models directly within Radar's decision support environment.
Radar 4.0's new features enhance insurers' agility and ability to identify complex behaviours in a highly visual manner, without the need to learn any programming skills. With the addition of the insurance rating software Radar Live, improved speed and efficiency can be achieved by directly deploying enhanced rating and underwriting strategies.
When licensed in conjunction with Willis Towers Watson's predictive modelling software Classifier, pricing practitioners will benefit from direct and seamless access to spatial smoothing within Radar. This allows insurers to understand changes in behaviour by geography or vehicle distribution during every rate review.
Colin Towers, Product Leader for Radar at Willis Towers Watson, said: "In increasingly competitive global markets, Radar 4.0 delivers a simplified and efficient process, greater pricing sophistication, and the latest analytical techniques to support insurers' top and bottom line growth."
A subsequent release of Radar, due later this summer, builds upon this capability by providing enhanced data structures to simplify the use of Radar Live within commercial lines environments. The reporting capability is significantly improved by the integrated display of rich cartographic data.
About Radar
The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; 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 categorisation 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 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 40,000 employees serving more than 140 countries. 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.