Willis Towers Watson said it is marketing an updated version of its Radar pricing software. Great American Insurance Group member Republic Indemnity has completed a pilot project with Planck, an AI-based data platform for commercial insurance.
Willis Towers Watson is now marketing an updated version of its Radar pricing software.
Radar 4.4 introduces new security features that provide a more sophisticated governance process, plus improvements to the software’s machine learning and optimization capabilities. It implements new fine-grained security controls that simplify the application of the pricing software, particularly when used in larger teams and organizations. Group access controls allow, for example, analytical and pricing teams to ensure appropriate segregation of work while ensuring the entire business can see the full picture, Willis Towers Watson said.
When combined with Radar Live, it ensures an organization can safely deploy innovative insights from machine learning models to market in minutes, the company continued.
Other updated features of Radar include enhancements to the Elastic Net method, a machine learning tool, to allow hyperparameter searching. Radar’s ratebook optimization also has been upgraded, resulting in substantial speed improvement. For the first time, this release also includes the option to switch the application into Chinese.
Great American Insurance Group member Republic Indemnity has completed a pilot project with Planck, an AI-based dynamic data platform for commercial insurance.
The pilot with Planck allows Republic Indemnity to test the impact of real-time data insights, thus reducing submission-to-quote time and increasing underwriting efficiency. Planck’s data platform finds and collects all relevant pieces of data about a business, returning accurate underwriting insights with over 90 percent coverage, the companies aid.
Elad Tsur, Planck’s founder and CEO, said in prepared remarks that the company’s relationship with Republic Indemnity has blossomed in recent months, working on a joint goal of improving small business risk underwriting through new products and services that better serve agents, brokers and customers.
Sources: Planck/Republic Indemnity, Willis Towers Watson