Willis Towers Watson unveils upgraded insurance pricing platform

Solution uses machine learning to improve pricing accuracy and efficiency

Willis Towers Watson unveils upgraded insurance pricing platform

Insurance News

By Lyle Adriano

Willis Towers Watson (WTW) has launched an updated version of its pricing software, adding new features and functionality to the platform.

Radar 4.0 now allows users to build gradient boosting machines and classification models directly within the platform’s decision support environment, a release said.

Thanks to enhancements, the software allows even those without programming skills to visually identify complex behaviours. The software can be used in conjunction with WTW’s point-of-sale rating software Radar Live, letting users directly deploy enhanced rating and underwriting strategies. Radar can also be used seamlessly with WTW’s other predictive modelling software Classifier, so pricing practitioners can easily switch between the two.

“In increasingly competitive global markets, Radar 4.0 delivers a simplified and efficient process, greater pricing sophistication, and the latest analytical techniques to support insurers' top and bottom-line growth,” said WTW Radar product leader Colin Towers.

A WTW release said Radar will receive another update this summer, which further simplifies the use of Radar Live within commercial lines environments.


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