Insurance broker Willis Towers Watson has launched Radar Workbench, a new software technology aimed at transforming the performance of frontline commercial underwriters.
“Radar Workbench was developed to provide the optimal environment that helps underwriters make complex decisions on pace and with confidence,” said Dave Ovenden, Global Head of Product Consulting, Pricing, Claims and Underwriting (PPCU), Willis Towers Watson.
“The user is supported by contextually relevant information about the customer and the risk of being subscribed, framed in a modern and intuitive user interface that enables frictionless data flow,” he added.
Big Data, advanced analytics and AI continue to evolve and are recognized by commercial insurers as critical to underwriting excellence, but underwriting has been slow to adapt, said Willis Towers Watson in a press release.
Many insurers, for example, rely on manual processes and spreadsheets that are not equipped to cope with the size and complexity of data that insurers access today, limiting their ambitions to develop more robust and sophisticated pricing and more accurate claims booking, the broker said.
“Commercial products are complex, with underlying exposures that make effective technological responses difficult and often expensive. With tight margins and increasingly unpredictable risks, insurers are under pressure to improve their performance while respecting historical constraints, ”said Ovenden.
Radar Workbench, designed to leverage a wide range of internal and external data assets, provides configurable, rich, and contextual analysis for specific cases on the underwriter’s desktop in real time.
Other aspects of Radar Workbench include:
- Case underwriters can make informed and safe decisions about pricing and underwriting risks.
- Radar Workbench enables better communication with portfolio managers, who can then perform granular analysis, test scenarios, and implement changes seamlessly for underwriters.
- Experts are supported with accurate information, appropriate automation and, critically, the broader business context.
- The platform is easy to configure, making it easy to connect the intuitive user interface to internal systems and external data sources.
Source: Willis Towers Watson
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