Willis Towers Watson has released an updated version of its Radar pricing software. With regulatory pressure increasing to demonstrate transparency in pricing, Radar 4.5 delivers a range of metrics that provides companies with valuable insights on pricing fairness to support the selection of rates which meet both the business goals of insurers and the needs of their customers, said the London-based broker in a statement.
“Recent proposals by the UK government would give the Competition and Markets Authority new powers to impose fines on companies that overcharge or mislead customers, without going through the courts,” said James Tanser, director, Insurance Consulting and Technology, at Willis Towers Watson. “The need for insurers now to work out the best way to define, monitor and demonstrate fairness is a significant challenge for companies already under constant pressure to innovate in a fiercely competitive industry.
“This latest release of Radar gives insurers the tools they need to measure fairness in their pricing models and to deliver on their commitment to giving their customers clear and fair information so they can make the right decision.”
Radar 4.5 includes an evaluation library component to help insurers assess their pricing choices against several measures of fairness – such as fairness through unawareness, the quota system and conditional group parity – and determine whether or not their prices adhere to or violate any of those particular metrics within their portfolio.
Other updated features of Radar include further enhancements to the Elastic Net machine learning method.
Source: Willis Towers Watson
Topics Willis Towers Watson
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