London, 26 September 2012 – Global professional services company, Towers Watson, has announced the release of the Towers Watson Radar™ software platform to provide accessible and powerful management information and pricing decision support.
The Radar platform builds upon Towers Watson’s existing market-leading Rate Assessor and Optimiser software products, which have 900 property and casualty (P&C) insurance users worldwide. Additional features now provide the option to undertake real-time rate calculations.
The new platform is designed around the ‘Radar Base’ product that provides a modelling and reporting environment for a broad range of activities, from portfolio monitoring, competitor rate analysis and developing business plans through to detailed rate-setting models for individual insurance products. Further products in the Radar series can be added over time as the additional sophistication delivered by these products becomes appropriate, including options for both off-line and real-time price optimisation.
Duncan Anderson, Global P&C Pricing and Product Management leader for Towers Watson, commented: “Pricing P&C insurance involves ever more agile and sophisticated monitoring, analysis and rate selection. The Radar platform provides a powerful capability that companies can tailor to their current and future needs to implement a best practice approach to pricing and portfolio management.”
He added that Radar includes a brand new and intuitive interface, faster processing, extended support for diverse policy types, improved data connectivity and scalability, the ability to share reports or other calculations across an organisation using the ‘Radar Dashboard’ product, wider auditing scope, and greatly enhanced reporting facilities such as a custom dashboard design facility.