Towers Watson Releases Next-Generation Pricing Decision Support Software
Towers Watson (NYSE, NASDAQ: TW), a global professional services company, has announced the release of the Towers Watson Radar™ software platform, which provides accessible and powerful management information and pricing decision support for property & casualty (P&C) pricing and underwriting teams. The Radar software platform continues the evolution of Towers Watson’s market-leading Rate Assessor and Optimiser software products, which have 900 P&C insurance users worldwide.
The new software platform includes four products. Radar Base is the centerpiece. It provides a modeling and reporting environment for a broad range of activities, from portfolio monitoring, competitor rate analysis and business plan development, to detailed rate setting for individual insurance products.
Other products from the Radar software platform include:
- Radar Optimiser — Adds user-defined optimization capabilities to Radar Base that directly address strategic targets, such as profitability, retention and premium volume, while achieving multiple portfolio-level constraints
- Radar Live — Enables underwriters to perform real-time rate calculations
- Radar Dashboard — Provides the ability to share reports or other calculations across an organization
“Pricing P&C insurance involves ever more agile and sophisticated monitoring, analysis and rate selection,” said Duncan Anderson, Global P&C Pricing and Product Management leader for Towers Watson. “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.”Anderson added that the Radar software platform includes a brand-new and intuitive interface, faster processing, extended support for diverse policy types, improved data connectivity and scalability, and wider auditing scope. About Towers Watson Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.
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