(Image credit: Paul Henri.)
Willis Towers Watson (London/Arlington, Va.), a global advisory, broking and solutions company, has released an updated version of its Radar pricing software. Radar 4.5 delivers a range of metrics that provide companies with valuable insights on pricing fairness to support the selection of rates, which meet the business goals of insurers and needs of their customers, according to a vendor statement.
“Increasing regulatory pressure to demonstrate transparency in pricing means insurers must work out the best way to define, monitor and exhibit fairness,” comments James Tanser, director, Insurance Consulting and Technology, Willis Towers Watson. “This is a significant challenge for insurers already under pressure to innovate in a fiercely competitive industry. This latest release of Radar gives insurers the tools they need to measure fairness in their pricing models and deliver on their commitment to give customers clear and fair information so they can make the right decision.”
Evaluation Library Component
Radar 4.5 includes an evaluation library component to help insurers assess their pricing choices against several measures of fairness, such as fairness through unawareness, the quota system and conditional group parity, and determine whether or not their prices adhere to or violate any of those particular metrics within their portfolio, Willis Towers Watson reports. Other updated features of Radar include further enhancements to the elastic net machine learning method that the solution uses.
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, and Radar Optimizer for price optimization and Radar Live for rate delivery.
All the solution set’s components are fully integrated with Emblem, which fits predictive models rapidly to very large and complex data sets to reveal the underlying pattern; and Classifier, which provides detailed categorization and assessment of risk by geography, according to the vendor.