Willis Towers Watson - Radar Base
Type of System
- Data management
- Decision support tool
- Exposure management
- Internal/external reporting
- Portfolio analysis/hedging
Type of platform
What are the typical implementation costs?
This varies with the scope of the implementation; businesses licensing Radar Base range from the very largest multi-nationals through to single line specialist domestic insurers.
How long does your software take to implement on site?
It’s possible to download and be up and running in a day. Times vary greatly depending on the way a client wants to integrate it into their current processes.
Please name companies that use the system/solution
23 out of the 25 world’s largest insurance groups license WTW analytical software. We value the privacy of our clients and do not in general publish our client’s names.
Most recent significant update:
Speed and performance updates to process large datasets much more quickly
Planned future enhancements:
Our deep market insight and insurance expertise means we continue to add features that we know will deliver high impact outcomes for our clients. Not every insurer is the same – that is why our solution is designed to be flexible and modifiable to your exact needs. We embrace innovation – in addition to our continuous development we provide multiple (and growing) integration and development options, so you aren’t held back. Our consultants provide input into new features and libraries to solve emerging problems at the forefront of insurance.
How does your solution integrate with third-party systems or in-house systems?
Our solution supports callouts to third-party systems or models, and imports Predictive Model Markup Language models.
What is the key attribute of your product(s) that differentiates it from your competitors?
Our analytics solution is built for insurance problems, not just building a model – allowing you to understand the real-world impact of data and modelling decisions. We offer continuous development driven by our deep and current insurance expertise with a tested and trusted solution, built and backed by insurance experts. Most importantly, our clients have achieved a significant return on investment from Radar. In many cases, it has redefined the approach they have taken to pricing and underwriting. The typical feedback is that Radar has contributed to significant reductions in their combined operating ratios.
What trends are you seeing in terms of customer demand?
Increased usage of complex predictive models, demand modeling, and portfolio optimization