Evolution of Towers Watson’s property & casualty software enables insurers to refine pricing strategies
Towers Watson has announced the release of the Towers Watson Radar™ software platform, which provides accessible and powerful management information and pricing decision support for property & casualty (P&C) pricing and underwriting teams. The Radar software platform continues the evolution of Towers Watson’s market-leading Rate Assessor and Optimiser software products, which have 900 P&C insurance users worldwide.
The new software platform includes four products. Radar Base is the centerpiece. It provides a modeling and reporting environment for a broad range of activities, from portfolio monitoring, competitor rate analysis and business plan development, to detailed rate setting for individual insurance products.
Other products from the Radar software platform include:
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Radar Optimiser — Adds user-defined optimization capabilities to Radar Base that directly address strategic targets, such as profitability, retention and premium volume, while achieving multiple portfolio-level constraints
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Radar Live — Enables underwriters to perform real-time rate calculations
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Radar Dashboard — Provides the ability to share reports or other calculations across an organization
“Pricing P&C insurance involves ever more agile and sophisticated monitoring, analysis and rate selection,” said Duncan Anderson, Global P&C Pricing and Product Management leader for Towers Watson. “The Radar software platform provides a powerful capability that companies can tailor to their current and future needs to implement a best practice approach for pricing and portfolio management.”
Anderson added that the Radar software platform includes a brand-new and intuitive interface, faster processing, extended support for diverse policy types, improved data connectivity and scalability, and wider auditing scope.
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