WTW announces latest version of Radar due for release

The latest version of Willis Towers Watson’s pricing technology Radar is due to be released imminently and is currently being tested.

And Richard King’s new telematics start-up Ticker has already been announced as one firm set to use the latest technology in 2019.

Radar is a software product platform for insurer pricing teams. It provides management information to support portfolio monitoring and rate setting.

Speaking at the Insurtech: Peril or Opportunity? How prepared are you? conference hosted by WTW yesterday, the global broker’s lead UK in property/casualty and personal lines pricing Graham Wright told delegates that Radar enables three things with pricing: data and analytics, portfolio management information and agile deployment.

The platform allows clients to search rapidly between several different rating factors and identify the most significant ones and integrate it into different models.

But, he stressed: “There needs to be a way to access, store and analyse data sources in a way that improves the pricing of policies.”

He pointed out that there is a need to “constantly consolidate the number of enrichment sources, both external and internal.”

He said this could potentially be a pre-cursor for machine learning.

In July the firm launched Radar 4.1, an updated version with enhanced features such as real-world mapping.