Press Release

Insurers to implement machine learning to drive profitability

Willis Towers Watson launches Radar 3.0 - the latest edition of its pricing software – which now includes broader machine learning approaches for even greater pricing sophistication

March 6, 2017

LONDON, Tuesday 7 March, 2017 — Willis Towers Watson has released an updated version of its Radar pricing software. Radar 3.0 features new analytical techniques in response to increasing demands from property and casualty (P&C) insurers to embed more sophisticated pricing approaches as competition continues to ramp up globally.

Building on the last major release of Radar in 2016, Radar 3.0 now implements a wider range of machine learning models, enabling a greater number of analytical techniques to deliver more effective pricing approaches. Processing speed is also up to five times faster, meaning companies can refine and test pricing approaches more rapidly.

Duncan Anderson, Willis Towers Watson’s Global P&C Pricing and Product Management Leader, said: “With competition intensifying, changes in regulation and distribution, and the ongoing redefinition of consumer expectations, we are seeing a clear and widespread focus on pricing sophistication and effective customer management. As part of that, insurers in many markets are now actively incorporating machine learning models in their pricing approaches, not only in backroom analytics but also in the live deployed rates. Radar 3.0 supports all of this.”

Notes to Editors

New features of Radar 3.0 that facilitate significant improvements to modelling and decision optimisation include:

  • New machine learning capabilities – Machine learning models now in Radar include Gradient Boosting Machines (GBMs), Random Forests and Elastic Nets.
  • Performance – A new high-performance mode for 64-bit environments enables faster processing for large datasets by making greater use of available RAM. Processing speed improvements of up to five times can be achieved using suitable hardware.
  • Connected reporting – Radar 3.0 allows users to create hyperlinks that allow dashboards to be created with integrated workflow or guidance.
  • Enhanced platform support – The latest version of Radar also provides enhanced support for cloud-based platforms via Microsoft Azure and is qualified for use on the Windows 10 Anniversary edition.

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.

Willis Towers Watson’s Emblem 4.6 package is due for release in April.

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 40,000 employees serving more than 140 countries. 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.