Towers Watson has introduced Radar software platform, a property & casualty (P&C) technology to enable insurers to refine pricing strategies.
The software platform, which consists of four products namely Base, Optimiser, Live and Dashboard, has been designed to provide P&C pricing and underwriting teams with accessible and management information and pricing decision support.
Radar Base provides modeling and reporting environment for a range of activities from portfolio monitoring, competitor rate analysis and business plan development, to detailed rate setting for individual insurance products.
Optimizer product provides user-defined optimization capabilities to Radar Base, while Live enables users to perform real-time rate calculations and Dashboard allows to share reports or other calculations across an organization.
Towers Watson Global P&C Pricing and Product Management leader Duncan Anderson said, "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."