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Press Release

Radar 4.5: Next generation insurance software addresses demand for pricing fairness and transparency as rules tighten

Insurance Consulting and Technology
N/A

August 6, 2019

Willis Towers Watson has released an updated version of its Radar pricing software.

LONDON, Tuesday 6 August, 2019 — Willis Towers Watson has released an updated version of its Radar pricing software. With regulatory pressure increasing to demonstrate transparency in pricing, Radar 4.5 delivers a range of metrics that provides companies with valuable insights on pricing fairness to support the selection of rates which meet both the business goals of insurers and the needs of their customers.

Radar gives insurers the tools to measure fairness and give their customers clear information so they can make the right decision.”

James Tanser
Director, Insurance Consulting and Technology

"Insurers need to be able to work out the best way to define, monitor and demonstrate fairness, which is a significant challenge for companies already under constant pressure to innovate in a fiercely competitive industry,” said James Tanser, Director, Insurance Consulting and Technology, at Willis Towers Watson. “This latest release of Radar gives insurers the tools they need to measure fairness in their pricing models and to deliver on their commitment to giving their customers clear and fair information so they can make the right decision.”

Radar 4.5 includes an evaluation library component to help insurers assess their pricing choices against several measures of fairness - such as fairness through unawareness, the quota system and conditional group parity – and determine whether or not their prices adhere to or violate any of those particular metrics within their portfolio.

Other updated features of Radar include further enhancements to the Elastic Net machine learning method.

About Radar

The full Willis Towers Watson Radar product suite comprises the Radar Base modelling and reporting environment; Radar Dashboard for sharing pricing management information across the organisation; Radar Optimiser for price optimisation; and Radar Live for rate delivery.

All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex datasets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorisation and assessment of risk by geography.

About Insurance Consulting and Technology

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.

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 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.

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