Willis updates pricing software
Willis Towers Watson has updated its Radar pricing software for property/casualty (P&C) insurance markets.
Radar 2.0 allows insurers to extend pricing decision support analyses with expanded data volumes.
The software also incorporates a broader range of analytical techniques, such as the ability to implement machine learning models.
Other features include an updated reporting interface and extended support for diverse policy types.
Radar 2.0 is designed to complement Willis Tower Watson’s predictive modelling programme, Emblem 4.5.
Duncan Anderson, P&C pricing and product management leader, said: “Worldwide, we see that insurers are on continuing, and often market-enforced, journeys to improve pricing effectiveness.
“Our strategy for developing Radar is also guided by those journeys, whether companies are at the stage of increasing the number of factors used in pricing, or executing top-end analytics in real time at the point-of-sale, including machine learning approaches.
“The launch of Radar 2.0 is a significant step forward in our continuing pursuit of empowering insurers with greater pricing sophistication, speed and scalability.”
