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.
WTW says Radar 4.2 gives insurers a future-proofed solution designed to achieve agile, sophisticated pricing, and a new level of market responsiveness and analytical sophistication.
A new Gradient Boosting Machine (GBM) algorithm delivers major performance improvement, fitting GBMs up to six times faster than the previous edition.
This means GBMs can now be calibrated with larger sets of data and performed more easily, saving analysts time in creating deployable models.
This new version of software also allows access to data, calculations or services, such as advanced machine learning models, outside of the WTW pricing suite via a new external callout component.
This capability gives access to a wide range of information insurers may hold externally to their Radar models, reducing the complexity of any integration, while offering a flexible and extendable way to enrich their pricing solution.
“This is the latest in a series of upgrades, continuing Radar’s evolution and our commitment to providing insurers with the next-generation tools needed to face new challenges presented by an industry in constant change,” said Neil Chapman, Global Product Leader, Pricing Products Claims and Underwriting at Willis Towers Watson.
“With insurers facing continual pressure to employ new data sources and advanced analytical techniques, Radar 4.2 is a real game changer that presents innovative features that deliver richer insights and greater flexibility, as well as improved speed to market, pricing accuracy and operational efficiency.”
