ARLINGTON, Va., Dec. 11, 2018 (GLOBE NEWSWIRE) -- Willis Towers Watson ( WLTW), a leading global advisory, broking and solutions company, today announced the launch of the latest version of its innovative Radar software. With the speed of change and disruption across markets and products accelerating, Radar 4.2 gives insurers a future-proofed solution designed to achieve agile, sophisticated pricing and a new level of market responsiveness and analytical sophistication.
A new gradient boosting machine (GBM) algorithm delivers major performance improvement, fitting GBMs up to six times faster than the previous edition. This means GBMs can now be calibrated with larger sets of data and performed more easily, saving analysts time in creating deployable models.
Built with the latest technology, the new version of the market-leading software also allows access to data, calculations or services, such as advanced machine learning models, outside of the Willis Towers Watson pricing suite via a new, versatile external callout component. This capability gives access to a wide range of information insurers may hold externally to their Radar models, reducing the complexity of any integration while offering a flexible and extendable way to enrich their pricing solution.
"This is the latest in a series of upgrades, continuing Radar’s evolution and our commitment to providing insurers with the next-generation tools needed to face new challenges presented by an industry in constant change,” said Neil Chapman, global product leader, Pricing Products Claims and Underwriting at Willis Towers Watson. “With insurers facing continual pressure to employ new data sources and advanced analytical techniques, Radar 4.2 is a real game changer that presents innovative features that deliver richer insights and greater flexibility, as well as improved speed to market, pricing accuracy and operational efficiency.”
About Radar
The full Willis Towers Watson Radar product suite comprises the Radar Base modeling and reporting environment; Radar Dashboard for sharing pricing management information across the organization; Radar Optimizer for price optimization, and Radar Live for rate delivery.
All are fully integrated with Emblem, which fits predictive models rapidly to very large and complex data sets to reveal the underlying patterns in your data, and Classifier, which provides detailed categorization and assessment of risk by geography.
About Insurance Consulting and Technology
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.
About Willis Towers Watson
Willis Towers Watson ( 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 over 40,000 employees serving in more than 140 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. Learn more at willistowerswatson.com.
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