Radar 4.0: Next Generation Software Equipped With New Machine Learning Capability for Greater Insurance Pricing Sophistication

LONDON, London, May 3 -- Towers Watson, an advisory, broking and solutions company, issued the following news release:

Willis Towers Watson has launched a new version of its Radar pricing software. For the first time, users of Radar 4.0 will be able to build Gradient Boosting Machines (GBMs) and classification models directly within Radar's decision support environment.

Radar 4.0's new features enhance insurers' agility and ability to identify complex behaviours in a highly visual manner, without the need to learn any programming skills. With the addition of the insurance rating software Radar Live, improved speed and efficiency can be achieved by directly deploying enhanced rating and underwriting strategies.

When licensed in conjunction with Willis Towers Watson's predictive modelling software Classifier, pricing practitioners will benefit from direct and seamless access to spatial smoothing within Radar. This allows insurers to understand changes in behaviour by geography or vehicle distribution during every rate review.

Colin Towers, Product Leader for Radar at Willis Towers Watson, said: "In increasingly competitive global markets, Radar 4.0 delivers a simplified and efficient process, greater pricing sophistication, and the latest analytical techniques to support insurers' top and bottom line growth."

A subsequent release of Radar, due later this summer, builds upon this capability by providing enhanced data structures to simplify the use of Radar Live within commercial lines environments. The reporting capability is significantly improved by the integrated display of rich cartographic data.