Press Release

Speed and scale integral to insurance pricing evolution

Willis Towers Watson launches Radar 2.0 – the newest edition of its pricing software

July 28, 2016

LONDON, 28 July 2016 - Willis Towers Watson has released a new version of its Radar pricing software to enhance support for the growing demand for pricing sophistication from property and 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 learning models.

Duncan Anderson, Willis Towers Watson’s Global P&C Pricing and Product Management Leader, said: “Worldwide, we see that insurers are on continuing, and often market-enforced, journeys to improve pricing effectiveness. Our strategy for developing Radar is also 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. Radar 2.0 is also designed to complement Willis Towers Watson’s newly upgraded predictive modelling programme, Emblem 4.5.

Anderson noted: “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.”

Notes to editors

Additional new features of Radar 2.0 that facilitate significant improvements to modelling and decision optimisation include:

  • PMML - Radar 2.0 introduces the ability to import models from external packages, such as R, using the Predictive Modelling Markup Language (PMML).
  • Performance - Typical processing speeds are now three times faster than the earlier edition for typical models and hardware.  (This results from Radar being enhanced to run elements of a calculation simultaneously where multiple processors or cores are available, and calculated results can now be saved and reloaded to reduce processing requirements.)
  • Reporting - This version provides a substantial update to the reporting look and feel. Instant and interactive visualisation are possible.

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. 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.