Willis Towers Watson has announced the launch of an updated version of its Radar pricing software. The update, Radar 4.1, uses the latest technology to improve sophistication in commercial lines pricing and underwriting, the company said.

Radar 4.1 includes enhanced features, such as:

• Significant improvements to further 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 others writing policies with multiple coverages.
• A customisable visual mapping experience that will allow Radar’s diagnostics to be overlaid on to an OpenStreetMap background. The new capability will enhance the understanding of geographic exposure and help improve overall performance by facilitating greater pricing accuracy.

Radar 4.1 represents sophisticated coverages more easily than before, allowing greater efficiency and accuracy of rate deployment, Willis Towers Watson said. Radar Live implementations are also more transparent and quicker to deploy.

“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. The ability to visualise 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.”

Related stories:
Reinsurance demand driven by concerns on earnings volatility – WTW
Willis Towers Watson on the acquisition trail - report