Willis Towers Watson releases new version of its pricing software: Radar 4.1
Enhancements make it easier for commercial lines business and other users of highly structured policies to integrate and take advantage of latest advances in rating sophistication
ARLINGTON, Va., July 11, 2018 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, has launched Radar 4.1, an updated version of its Radar pricing software, by harnessing the latest technology to improve the sophistication in commercial lines pricing and underwriting. Users of Radar 4.1 will benefit from enhanced features, which include:
- Significant improvements made to simplify the 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
- A customizable, visual mapping experience allowing Radar's diagnostics to be overlaid on an OpenStreetMap background, a new capability that 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
Sophisticated coverages are now more easily represented, permitting greater efficiency and accuracy of rate deployment in a volatile industry where new exposures are constantly emerging. Radar Live implementations are also more transparent and quicker to deploy, removing a further layer of IT complexity from rating environments.
"Commercial lines underwriters are increasingly looking for technology solutions to drive efficiency and automation within their businesses,” said David Ovenden, global product leader, Product Pricing Claims and Underwriting, Willis Towers Watson. “This latest release eases Radar’s adoption as the core of portfolio management and streamlines IT processes.”
Added Ovenden, "The ability to visualize exposure in the context of real-world maps allows managers and case underwriters to gain an unprecedented understanding of the effects of geography on their portfolio."
About Radar
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 Optimizer for price optimization and Radar Live for rate delivery.
All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex data sets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorization 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 (NASDAQ:WLTW) 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 over 40,000 employees serving in more than 140 countries. We design and deliver solutions that manage risk, optimize 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. Learn more at willistowerswatson.com.
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