Speed and scale integral to insurance pricing evolution

ARLINGTON, Va., July 28, 2016 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, has released Radar 2.0, the newest version of its Radar pricing software. Radar 2.0 will enhance support for the growing demand of pricing sophistication from property & casualty (P&C) insurance markets around the world.

The leap forward in processing speed of Radar 2.0 enables insurers to extend their pricing decision support analyses with expanded data volumes. It also incorporates a broader range of analytical techniques, including the ability to implement machine models.

“Worldwide, insurers are on continuing, and often market-enforced, journeys to improve pricing effectiveness,” said Duncan Anderson, Willis Towers Watson’s global P&C Pricing and Product Management lead. “Our strategy for developing Radar is guided by those journeys, whether companies are at the stage of increasing the number of factors used in pricing, or executing top-end analytics in real time at the point of sale, including machine learning approaches.”

Other updated features of the Radar software platform include an enhanced and intuitive reporting interface and extended support for diverse policy types. In addition, the Radar 2.0 design complements Willis Towers Watson’s newly upgraded predictive modeling program, Emblem 4.5.

“The launch of Radar 2.0 is a significant step forward in our continuing pursuit of empowering insurers with greater pricing sophistication, speed and scalability,” noted Anderson.

Notes to editors

Additional new features of Radar 2.0 that facilitate significant improvements to modeling and decision optimization include:

  • Predictive Modeling Markup Language (PMML). Radar 2.0 introduces the ability to import models from external packages, such as R, using the PMML.
  • Performance. Typical processing speeds are now three times faster than the earlier edition for typical models and hardware, resulting from Radar enhancements that run elements of a calculation simultaneously, where multiple processors or cores are available, and calculated results saved and reloaded to reduce processing requirements.
  • Reporting. This version provides a substantial update to the reporting look and feel. Instant and interactive visualization are possible.
  • 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. All are fully integrated with Emblem and Classifier, other well-established pricing analytics products in the Willis Towers Watson software portfolio.

About Willis Towers Watson

Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contact Josh Wozman: +1 703 258 7670 josh.wozman@willistowerswatson.com

Source:Willis Towers Watson Public Limited Company