Underwriting has been slow to adopt new technologies. Many insurers still rely on manual processes and spreadsheets that are not equipped to deal with the size and complexity of the data they access, Willis Towers Watson said.
“Commercial products are complex, with underlying exposures making effective technology responses challenging and often expensive,” said Dave Ovenden (pictured), global head of product, pricing, claims and underwriting consultancy, Willis Towers Watson.
“With margins tight and risks increasingly unpredictable, insurers are under pressure to improve performance while still operating within historic constraints. Radar Workbench has been developed to provide the optimal environment that supports underwriters in making complex decisions at pace and with confidence. The user is supported by contextually relevant insights about the client and risk being underwritten, framed in a modern and intuitive user interface that enables the frictionless flow of data.”
Radar Workbench is designed to harness a broad range of internal and external data assets and deliver configurable, rich and contextual analysis for specific cases in real time. The product also improves connectivity across the value chain:
Case underwriters can make well-informed decisions about the pricing and underwriting of risks.
Radar Workbench supports better communication with portfolio managers, who can then perform granular analysis, test scenarios and implement changes seamlessly to underwriters. Experts are supported with accurate insight, automation, and context from the wider business. The Radar Workbench is easy to configure, making it simple to connect with internal systems and external data sources.
“Radar Workbench is built for commercial insurers by people who have worked in the industry and understand its challenges,” Ovenden said. “Technology can support complex judgements involved in commercial insurance, but has to 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.”
Source: Insurance Business Magazine