Global insurance and reinsurance broker Willis Towers Watson has announced the launch of the latest version of its Radar software, a platform of products for property and casualty (P&C) insurer pricing teams, including actuaries and underwriters.
Radar 4.4 implements new fine-grained security controls that simplify the application of the pricing software, particularly when used in larger teams and organisations.
Other updates include enhancements to its machine learning tool, 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.
“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,” explained Colin Towers, Product Leader for Radar at WTW.
“Insurers are under constant pressure to deliver leading-edge pricing techniques just to maintain market position, yet ensuring appropriate governance remains critical.”
“The risks inherent to a business adopting open source software for its key capabilities can be significant,” added 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.”