WTW releases updated version of rating and analytics software Radar

WTW has announced the release of version five of its end-to-end rating and analytics software tool, Radar.

The firm said that the fifth version of tool was built specifically for the insurance industry and provides capabilities for both personal and commercial lines insurers to handle “pricing, portfolio management, claims and underwriting”.

The new version of the tool adds features such as generative artificial intelligence (AI) for automated experience monitoring, automated analytics, efficiency improvements, enhanced cloud hosting and native databricks and snowflake connections.

The platform will also include the new Radar Fusion tool, an underwriting offering that WTW said was designed to “simplify, streamline and scale underwriting in a fast-changing commercial insurance market”.

‘Investing heavily’

Chris Halliday, senior director of insurance consulting and technology at WTW, said: “Radar technology has consistently led the market in its ability to develop and deploy rating algorithms with ease and at speed.

“Radar 5 represents a major step forward, introducing advanced generative AI capabilities and augmented underwriting technology for early, actionable insights that transform the speed, precision and profitability of pricing, portfolio management, underwriting and claims.”

Duncan Anderson, global leader of insurance technology at WTW, added: “The generative AI capability in Radar 5 is the latest of many planned AI releases across our insurance software offerings in the coming months.

“We are investing heavily in this evolving technology, which is critical to our strategy of delivering advanced, data-driven solutions for risk selection, financing and management.”