Willis Towers Watson has released an updated version of its Radar pricing software. Radar 4.4 introduces new security features that provide a more sophisticated governance process, as well as improvements to the software’s machine learning and optimization capabilities.
“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,” he added.
“The risks inherent to a business adopting open source software for its key capabilities can be significant,” said Towers.
“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,” he went on to say.
Radar 4.4 implements new fine-grained security controls that simplify the application of the pricing software, particularly when used in larger teams and organizations. Group access controls allow, for example, analytical and pricing teams to ensure appropriate segregation of work while ensuring the entire business can see the full picture, said Willis Towers Watson.
When combined with Radar Live, it ensures an organization can safely deploy innovative insights from machine learning models to market in minutes, the company continued.
Other updated features of Radar include enhancements to the Elastic Net method, a machine learning tool, to allow hyperparameter searching. This simplifies the modeling process by making it quicker and easier for users to assess what parameters to include within a traditional rating tariff, as well as reducing modelling sensitivity and risk, freeing up valuable resources to concentrate on making quick and informed pricing decisions.
Radar’s ratebook optimization also has been upgraded, resulting in substantial speed improvement. For the first time, this release also includes the option to switch the application into Chinese.
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 Optimiser 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 datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorization and assessment of risk by geography.
Source: Willis Towers Watson
Topics Willis Towers Watson
Was this article valuable?
Here are more articles you may enjoy.
Woman Used Photos from Another Person in State Farm Claim, NCDOI Says 
Beryl’s Remnants Spawned 4 Indiana Tornadoes, Including an EF-3: NWS 
Project 2025 Plan to End NFIP Welcomed by Some, Rejected by Others in Insurance 
Damage From Hurricane Beryl May Cost Insurers $2.7B in US, $510M in Caribbean: KCC 
