Willis Towers Watson has announced the release of an updated version of its Radar pricing software. Radar 4.4 includes new security features that provide a more sophisticated governance process and improvements to the software’s machine-learning and optimisation capabilities, the company said.
“Insurers are under constant pressure to deliver leading-edge pricing techniques just to maintain market position, yet ensuring appropriate governance remains critical,” said Colin Towers, product leader for Radar at Willis Towers Watson. “This latest release provides significant analytical improvements, as well as the governance and security advantages crucial to operational efficiency, helping insurers to deliver improved speed to market and pricing accuracy.
“The risks inherent to a business adopting open-source software for its key capabilities can be significant,” Towers said. “In addition to potential security risks, a company is also vulnerable to solutions which lack transparency and are subject to arbitrary change, which can have a significant impact on the ability to transact business. Sophisticated governance has to be part of the DNA of any business that wants to be resilient and successful in the digital world.”
The new version of Radar implements new security controls that simplify the application of the pricing software, particularly when used by larger teams and organisations, Willis Towers Watson said. Radar 4.4 also includes enhancements to the Elastic Net method, a machine-learning tool, to allow hyperparameter searching. The software’s ratebook optimisation has also been upgraded, and it now includes the option to switch the application into Chinese, Willis Towers Watson said.