Willis Towers Watson broadens machine learning capability in pricing software
Written by staff reporter
Willis Towers Watson has released an updated version of its Radar pricing software. Radar 3.0 features new analytical techniques, now implementing a wider range of machine learning models. Processing speed is also up to five times faster.
Duncan Anderson, Willis Towers Watson’s Global P&C Pricing and Product Management Leader, said: “With competition intensifying, changes in regulation and distribution, and the ongoing redefinition of consumer expectations, we are seeing a clear and widespread focus on pricing sophistication and effective customer management. As part of that, insurers in many markets are now actively incorporating machine learning models in their pricing approaches, not only in backroom analytics but also in the live deployed rates. Radar 3.0 supports all of this.”