Willis Towers Watson updated its Radar pricing software. Beazley expanded its event cancellation coverage for political violence and incidents of terrorism.
Willis Towers Watson released a new version of its Radar pricing software, dubbed Radar 2.0.
The firm said that the update is intended to enhance support for the growing demand for pricing sophistication from property/casualty insurance markets around the world.
Greater processing speed is designed to help insurers extend their pricing decision support analyses with expanded data volumes. Also, the software incorporates a broader range of analytical techniques, including the ability to implement machine learning models.
Beazley said it has expanded its terrorism and political violence event cancellation insurance for the sports, entertainment and leisure industries in the U.S.
The larger coverage now includes riots, civil commotion, strikes, the threat of a terrorist act and other potential disruptions to live events.
Beazley, which provides event cancellation insurance, said it expanded its coverage so event organizers, retailers, and entertainment venues can recoup reduce revenues connected to the cancellation, abandonment, disruption or rescheduling of events due to political violence and terrorism.
Sources: Willis Towers Watson, Beazley