ARLINGTON, VA, April 15, 2021 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, has launched Radar Workbench, new software technology that will transform the performance of frontline underwriters, allowing them to make better decisions at pace and with confidence.
Big data, advanced analytics and artificial intelligence (AI) continue to evolve and are recognized by commercial insurers as critical to underwriting excellence. Yet, underwriting has been slow to adapt, as significant challenges obstruct efforts to adopt new technologies, such as fragmented processes, multiple legacy platforms and lack of data strategies. Many insurers, for example, rely on manual processes and spreadsheets not equipped to deal with the size and complexity of data insurers access today, limiting their ambitions to develop more robust, sophisticated pricing and accurate claims reserving.
“Commercial products are complex, with underlying exposures making effective technology responses challenging and often expensive,” said David Ovenden, global Pricing, Product, Claims and Underwriting practice leader, Willis Towers Watson. “With margins tight and risks increasingly unpredictable, insurers are under pressure to improve performance while still operating within historic constraints.
“Radar Workbench provides the optimal environment that supports underwriters in making complex decisions at pace and with confidence. The user is supported by contextually relevant insights about the client and risk being underwritten, framed in a modern and intuitive user interface that enables the frictionless flow of data.”
Radar Workbench, designed to harness a broad range of internal and external data assets, delivers configurable, rich and contextual analysis for specific cases to the underwriter’s desktop in real time. The Radar technology also significantly improves connectivity across the value chain.
Case underwriters can make well-informed decisions about pricing and underwriting of risks. Radar Workbench supports better communication with portfolio managers, who can perform granular analysis, test scenarios and implement changes seamlessly to underwriters. Experts are supported with accurate insight, appropriate automation and context from the wider business. The platform is easy to configure, making it effortless to connect an intuitive user interface with internal systems and external sources of data.
“Radar Workbench is built for commercial insurers by people who have worked in the industry and understand its challenges,” said Ovenden. “Technology can support complex judgments involved in commercial insurance but must work intelligently and fit the organizational culture. This principle underpins Radar Workbench, an ‘out of the box’ revolutionary analytical platform designed to help the role of the insurance professional evolve and meet the industry and customer needs of tomorrow.”
Radar Workbench is software technology developed to transform underwriting performance, building on and seamlessly integrating with the full Willis Towers Watson Radar product suite. Built with the latest technology, Radar continues the evolution of Willis Towers Watson’s market-leading software products for property & casualty, life insurer and intermediary teams, including actuaries and underwriters, providing powerful management information to support portfolio monitoring, price optimization and rate delivery.
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 45,000 employees serving in more than 140 countries and markets. 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.
