WTW Releases New Version of Radar Pricing Software

Willis Towers Watson (WTW) has launched an updated version of its Radar software. Radar 4.14 now features a fully integrated Python capability, which allows insurers to benefit simultaneously from the advanced pricing capabilities of Radar and the power of the Python open-source software, all within a well-governed environment.

During the pandemic, with working practices radically transformed, regulatory scrutiny of insurers’ analytical methods intensified, said WTW, noting that demand to adjust quickly to market shocks escalated, as well as the ability to automate processes.

Regulatory scrutiny of insurers’ analytical methods intensified during the pandemic, demand to adjust quickly to market shocks escalated, as well as the ability to automate processes, WTW added.

This market disruption also increased pressure on insurers to introduce enhanced governance and security controls around their pricing capabilities.

In addition to addressing security and governance-related concerns that previously prevented insurers from applying open-source software more widely, the new version of Radar offers enhanced functionality and user experience. Integrating Python with Radar gives users access to a wider range of options when selecting the optimal tool for a specific project and the flexibility to adapt to a rapidly changing technology environment.

“Integrating Python with Radar gives insurers fast and easy access to latest developments from the open source world in a reliable, low-risk and well-governed way, supported by more than 20 years of WTW software development experience and insurance expertise,” commented Serhat Guven, managing director at WTW, in a statement.

“Radar technology has always led the market in its ability to develop and deploy complex rating algorithms with ease and at speed, supported by a transparent and sophisticated governance capability,” Guven added.

“Seamlessly incorporating open-source models, such as Python, represents the next step in Radar’s continued evolution and our ongoing commitment to deliver leading-edge pricing techniques that respond to changing market conditions and help insurers improve operational efficiency, speed to market and pricing accuracy,” he said.

Source: WTW

Willis Towers Watson

The most important insurance news,in your inbox every business day.

Get the insurance industry’s trusted newsletter

Source link