Re/insurance broker Willis Towers Watson (WTW) has launched Radar Workbench, new software technology designed to support the decision-making of frontline underwriters.
The product works by harnessing a range of internal and external data assets to deliver contextual analysis with the aim of improving pricing and claims reserving accuracy.
With Radar Workbench, WTW claims underwriters will be able to make more informed decisions about the pricing an underwriting of risks, while supporting better communication with portfolio managers.
“Commercial products are complex, with underlying exposures making effective technology responses challenging and often expensive,” explained Dave Ovenden, Global Head of Product, Pricing, Claims and Underwriting (PPCU) Consultancy at WTW.
“With margins tight and risks increasingly unpredictable, insurers are under pressure to improve performance whilst still operating within historic constraints.
Ovenden continued: “Radar Workbench has been developed to provide the optimal environment that supports underwriters in making complex decisions at pace and with confidence. The user is supported by contextually relevant insights about the client and risk being underwritten, framed in a modern and intuitive user interface that enables the frictionless flow of data.”