WTW has introduced a new capability in its Radar analytics deployment platform that allows insurers to integrate Verisk's ISO Electronic Rating Content (ISO ERC) for real-time pricing adjustments based on market movements.
The integration enables carriers to access and deploy Verisk’s ISO ERC data directly within Radar, allowing for the rapid creation of ISO-based pricing models. The feature streamlines the process of rating policies using ISO's filed advisory prospective loss costs, rules, and forms attachment logic.
According to WTW, the update is designed to address time constraints that often prevent insurers from adopting deviations, conducting portfolio impact assessments, and implementing complex rating structures. The new Radar functionality reduces the time required to complete these steps from months to minutes.
With this integration, users can evaluate the impact of ISO updates on their in-force portfolios, test the effects of proprietary deviations, and deploy updated rates with reduced risk of human error.
Gio Smyth (pictured above), managing director and Americas regional leader for Insurance Consulting and Technology at WTW, said the new Radar capability expands on the existing value of ISO ERC.
“Our innovative approach enables insurers to thoroughly assess the impact of ISO Circular updates, providing them with the confidence they need to adjust their rates swiftly, benefiting both their business and customers. I’m excited to see our clients benefit from our latest Radar development.”
The latest feature builds on WTW’s broader strategy to expand the Radar ecosystem through artificial intelligence capabilities. In a recent development, the company launched Radar Vision, a tool designed to help insurers identify and respond to emerging risks in real time.
The solution applies AI to improve decision-making across underwriting, claims, and pricing functions, providing users with a visual, interpretable layer of risk and performance analytics that complement Radar’s core deployment engine.
WTW has also expanded Radar’s integration capabilities through a partnership with Keylane, a software provider focused on insurance and pension technology. The integration of Radar into Keylane’s Axon platform enables insurers to align pricing systems more closely with core administration workflows.
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