Hi,
I don't really know what the proper term is for this class of products (pricing software?) but we recently had a demo of Towers Watson's Radar product (the base product, not the optimiser). This basically allows you to build your rating structure in all its complexity, feed your historical exposures through it so they are rated out to current rates, then build all sorts of fancy reports. You can also interface it with Emblem so you can feed Emblem datasets output from Radar and, conversely, load Emblem models into the rating algo to do impact analysis and whatnot. I was more interested in the rating aspect - I need historical exposures extended to current rates so that I can build (loss ratio) tiering models on top of the current rating structure (i.e. so all the current rating variables are accounted for in the premium offset), and we don't currently have a way to do this (although we have implemented tiering models of questionable soundness).
What other options are out there for products which allow you to build rating structures but perhaps with less of the report building/data visualization bells and whistles that come with Radar? I feel this product is going to be cost prohibitive and if there is something else which accomplishes this without the extras I would like to arrange for a demo.
Thanks!
I don't really know what the proper term is for this class of products (pricing software?) but we recently had a demo of Towers Watson's Radar product (the base product, not the optimiser). This basically allows you to build your rating structure in all its complexity, feed your historical exposures through it so they are rated out to current rates, then build all sorts of fancy reports. You can also interface it with Emblem so you can feed Emblem datasets output from Radar and, conversely, load Emblem models into the rating algo to do impact analysis and whatnot. I was more interested in the rating aspect - I need historical exposures extended to current rates so that I can build (loss ratio) tiering models on top of the current rating structure (i.e. so all the current rating variables are accounted for in the premium offset), and we don't currently have a way to do this (although we have implemented tiering models of questionable soundness).
What other options are out there for products which allow you to build rating structures but perhaps with less of the report building/data visualization bells and whistles that come with Radar? I feel this product is going to be cost prohibitive and if there is something else which accomplishes this without the extras I would like to arrange for a demo.
Thanks!
Rating Software
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