LONDON, April 15, 2021 — Willis Towers Watson, a leading insurance consulting and technology provider, has launched Radar Workbench, new software technology that will transform the performance of frontline underwriters, allowing them to make better decisions at pace and with confidence.
Big data, advanced analytics and AI continue to evolve, and are recognised by commercial insurers as critical to underwriting excellence. Yet, underwriting has been slow to adapt, as significant challenges obstruct efforts to adopt new technologies, such as fragmented processes, multiple legacy platforms and lack of data strategies.
Many insurers, for example, rely on manual processes and spreadsheets that are not equipped to deal with the size and complexity of data insurers access today, limiting their ambitions to develop more robust, sophisticated pricing and accurate claims reserving.
Dave Ovenden, Global Head of Product, Pricing, Claims and Underwriting (PPCU) Consultancy, Willis Towers Watson, said: “Commercial products are complex, with underlying exposures making effective technology responses challenging and often expensive. With margins tight and risks increasingly unpredictable, insurers are under pressure to improve performance whilst still operating within historic constraints.
“Radar Workbench has been developed to provide the optimal environment that supports underwriters in making complex decisions at pace and with confidence.”
Dave Ovenden
Global Head of Product, Pricing, Claims and Underwriting (PPCU) Consultancy, Willis Towers Watson
“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.”
Radar Workbench, designed to harness a broad range of internal and external data assets, delivers configurable, rich and contextual analysis for specific cases to the underwriter’s desktop in real time. The Radar technology also significantly improves connectivity across the value chain:
Dave Ovenden said: “Radar Workbench is built for commercial insurers by people who have worked in the industry and understand its challenges. Technology can support complex judgements involved in commercial insurance, but has to work intelligently and fit the organisational culture. This principle underpins Radar Workbench, an ‘out of the box’ revolutionary analytical platform designed to help the role of the insurance professional evolve and meet the industry and customer needs of tomorrow.”
Radar Workbench is software technology developed to transform underwriting performance, building on and seamlessly integrating with the full Willis Towers Watson Radar product suite. Built with the latest technology, Radar continues the evolution of Willis Towers Watson’s market-leading software products for P&C, Life insurer and intermediary teams, including actuaries and underwriters, providing powerful management information to support portfolio monitoring, price optimisation and rate delivery.
Willis Towers Watson’s Insurance Consulting and Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
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 45,000 employees serving in more than 140 countries and markets. We design and deliver solutions that manage risk, optimise 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.
