At the same time that collaboration between users became harder during the pandemic, with working practices radically transformed, regulatory scrutiny of insurers’ analytical methods intensified. Demand to adjust quickly to market shocks escalated, as well as the ability to automate processes. This market disruption also increased pressure on insurers to introduce enhanced governance and security controls around their pricing capabilities.
Serhat Guven, Managing Director at WTW, said: “Integrating Python with Radar gives insurers fast and easy access to latest developments from the open source world in a reliable, low-risk and well-governed way, supported by more than 20 years of WTW software development experience and insurance expertise.”
In addition to addressing security and governance-related concerns that previously prevented insurers from applying open source software more widely, the new version of Radar offers enhanced functionality and user experience. Integrating Python with Radar gives users access to a wider range of options when selecting the optimal tool for a specific project and the flexibility to adapt to a rapidly-changing technology environment.
Guven added: “Radar technology has always led the market in its ability to develop and deploy complex rating algorithms with ease and at speed, supported by a transparent and sophisticated governance capability. Seamlessly incorporating open source models, such as Python, represents the next step in Radar’s continued evolution and our ongoing commitment to deliver leading-edge pricing techniques that respond to changing market conditions and help insurers improve operational efficiency, speed to market and pricing accuracy.”
About Radar
WTW’s Radar includes Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patters in your data; the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation and pricing strategy; Radar Live for rating (integrated with virtually any policy system); Radar Workbench, an analytical platform that helps underwriting professionals implement confident decisions at pace; and Classifier for providing detailed categorisation and assessment of risk by geography.