- FCA publishes final report of its Wholesale Insurance Brokers market study-no evidence of significant levels of harm that merit the introduction of intrusive remedies but some areas of concern with scope for improvement
- EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the European Union without a withdrawal agreement
- Insurance Europe responds strongly to recently-published US Treasury/Internal Revenue Service’s proposed Base Erosion and Anti-abuse Tax (BEAT) regulations
- SCOR "delivers robust growth and solid recurring profitability" in 2018 says CEO Kessler
- KPMG report indicates UK InsurTechs saw over $1bn of investment activity through 2018, up from $792m in 2017
- Allianz increases fund size of digital investment unit to E1bn
- DeadHappy, the UK’s first fully digital life insurance brand, launched expired
- The Floow involved in UK Government’s UPLIFT project to enhance technologies in improved risk understanding for motor insurance products making mobility smarter and safer for all expired
- Unions and insurers issue joint warning about burden of significant increase in EU regulation on insurance workers expired
- FCA announces Goldwag as new Chair of the independent Financial Services Consumer Panel expired
- Antares appoints Battle as CEO expired
- Arig has tough 2018-has taken certain measures to reorganize its Lloyd’s book of business expired
11th July 2018
Willis Towers Watson launches updated version of Radar, its commercial lines pricing and underwriting software
Willis Towers Watson has launched an updated version of its Radar pricing software, harnessing the latest technology to improve the sophistication in commercial lines pricing and underwriting. Users of Radar 4.1 will benefit from enhanced features, which include:
-Significant improvements made to simplify further the integration of Radar Live, Willis Towers Watson’s point-of-sale rating software, into the existing IT systems of commercial lines insurers and other entities writing policies with multiple coverages.
-A customisable, visual mapping experience, allowing Radar's diagnostics to be overlaid on an OpenStreetMap background. This new capability enhances the understanding of geographic exposure, helping to enrich reporting and improve overall performance by facilitating greater pricing accuracy and more effective management of accumulations of risk.
Sophisticated coverages, according to Willis Towers Watson, are now more easily represented than ever before, permitting greater efficiency and accuracy of rate deployment in a volatile industry where new exposures are constantly emerging. Radar Live implementations are also more transparent and quicker to deploy, removing a further layer of IT complexity from rating environments.
David Ovenden, Global Product leader for Product Pricing Claims and Underwriting at Willis Towers Watson, comments "Commercial lines underwriters are increasingly looking to technology solutions to drive efficiency and automation within their businesses. This latest release eases Radar’s adoption as the core of portfolio management and streamlines IT processes.
The ability to visualise exposure in the context of real-world maps allows managers and case underwriters to gain an unprecedented understanding of the effects of geography on their portfolio."
Willis Towers Watson Trends(140 articles)