Willis Towers Watson has launched an updated version of its Radar software, which harnesses the latest technology to improve commercial lines’ pricing and underwriting.
The enhanced features of Radar 4.1 include:
- Further integration of Radar Live, Willis Towers Watson’s point-of-sale rating software, into the existing IT systems of commercial lines’ insurers and other entities writing policies with multiple coverages.
- Customizable, visual mapping, which allows Radar’s diagnostics to be overlaid on an OpenStreetMap background. This new capability enhances the understanding of geographic exposure, helping to enrich reporting and improve overall performance by facilitating greater pricing accuracy and more effective management of accumulations of risk.
“Commercial lines underwriters are increasingly looking to technology solutions to drive efficiency and automation within their businesses,” said David Ovenden, global product leader for Product Pricing Claims and Underwriting at Willis Towers Watson. “This latest release eases Radar’s adoption as the core of portfolio management and streamlines IT processes.”
Managers and case underwriters can visualize their exposures and gain a better understanding of the effects of geography on their portfolio with the use of Radar 4.1’s real-world maps, he added.
Willis Towers Watson said its 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.