LONDON, May 13, 2021 — Willis Towers Watson has today announced the launch of the latest version of its market-leading Radar software. A significant upgrade, Radar 4.11 features improvements developed to further enhance the functionality, performance and user experience. Built with the latest technology, Radar 4.11 introduces stronger governance capabilities, more flexible modelling and faster processing times.
“Radar 4.11 offers a significantly enhanced user experience for insurers under pressure to shift their strategies and modernise in response to competition and cost pressures.”
Neil Chapman | Senior Director at Willis Towers Watson
Neil Chapman, Senior Director at Willis Towers Watson, said: “Radar 4.11 offers a significantly enhanced user experience for insurers under pressure to shift their strategies and modernise in response to competition and cost pressures. Improved governance, portfolio management and operational efficiency provide an insurer with the ability to adapt to new technological, market and consumer complexities.”
The latest version of Radar delivers improved speed to market and pricing accuracy, allowing models to be processed twice as fast than previously possible, giving insurers more time to analyse results. Radar 4.11 has also been designed to allow insurers to build more flexible models, in addition to now being even easier to update and maintain.
Enhanced governance capabilities mean that users of Radar 4.11 are now able to store evolutions of their models in a centralised version-control system, that allows model histories to be retraced and validated. Where teams also use Radar Live, an integrated web-based interface is provided to easily deploy version-controlled models to Radar Live with appropriate controls, without the need for manual processing.
Chapman added: “Radar’s end-to-end, governed, auditable technology is also compatible with and complements the use of open source software. Radar’s sophisticated governance capability allows insurers using open source technology the mechanism to assess and deploy that in a reliable, low-risk and well-governed way.”
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.
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.
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.
