Insurers to implement machine learning to drive profitability

ARLINGTON, Va., March 09, 2017 -- Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, has released an updated version of its Radar pricing software. Radar 3.0 features new analytical techniques in response to increasing demands from property & casualty (P&C) insurers to embed more sophisticated pricing approaches, as competition continues to ramp up globally.

Building on the last major release of Radar in 2016, Radar 3.0 now implements a wider range of machine learning models, enabling a greater number of analytical techniques to deliver pricing approaches that are more effective. Processing speed is also up to five times faster, so companies can refine and test pricing approaches more rapidly.

“With intensifying competition, changes in regulation and distribution, and the ongoing redefinition of consumer expectations, we’re seeing a widespread focus on pricing sophistication and effective customer management,” said Duncan Anderson, Willis Towers Watson’s global lead, P&C Pricing and Product Management. “Insurers in many markets are now actively incorporating machine learning models into their pricing approaches, not only in backroom analytics but also in the live deployed rates. Radar 3.0 supports all of this.”

Notes to editors

New features of Radar 3.0 that facilitate significant improvements to modeling and decision optimization include:

• New machine learning capabilities — Machine learning models now in Radar include gradient boosting machines, random forests and elastic nets.
• Performance — A new high-performance mode for 64-bit environments enables faster processing for large data sets by making greater use of available RAM. Processing speed improvements of up to five times can be achieved using suitable hardware.
• Connected reporting — Radar 3.0 enables users to create hyperlinks that allow dashboards to be created with integrated workflow or guidance.
• Enhanced platform support — The latest version of Radar also provides enhanced support for cloud-based platforms via Microsoft Azure and is qualified for use on the Windows 10 Anniversary Edition.

The full Willis Towers Watson Radar product suite comprises the Radar Base modeling and reporting environment, Radar Dashboard for sharing pricing management information across the organization, Radar Optimiser for price optimization, and Radar Live. All are fully integrated with Emblem and Classifier, other well-established pricing analytics products in the Willis Towers Watson software portfolio.

Willis Towers Watson’s Emblem 4.6 package is due for release in April.

About Willis Towers Watson

Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

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