Willis Towers Watson has unveiled a new underwriting software, called Radar Workbench, to enhance the performance of frontline underwriters.
The new software is designed to offer configurable and contextual analysis for specific cases to the underwriter’s desktop in real-time by utilising a range of internal and external data assets.
Additionally, it is said to improve pricing and claims reserving accuracy and enhance the connectivity across the value chain.
Many insurers still depend on manual processes and spreadsheets that are not equipped to deal with the size and complexity of the data they access, noted WTW.
Radar Workbench allows case underwriters, portfolio managers and pricing experts to collaborate at both case and portfolio level.
WTW global pricing, product, claims and underwriting practice leader David Ovenden said: “Commercial products are complex, with underlying exposures making effective technology responses challenging and often expensive.
“With margins tight and risks increasingly unpredictable, insurers are under pressure to improve performance while still operating within historic constraints.”
Ovenden added: “Technology can support complex judgments involved in commercial insurance but must work intelligently and fit the organisational 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.”
Earlier this week, WTW expanded its climate offering with the launch of a new global modelling tool called Climate Diagnostic.