WTW Launch of AI-Driven Monitoring Tool for Insurers Signals Step Change in Business Performance and Profitable Growth

WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has announced the launch of Radar Vision, an AI-driven performance monitoring tool custom-built for insurers. 

The global insurance industry has seen a turbulent few years, with significant inflation and demographic changes, compounded by increasingly competitive and volatile market forces, and the rate of change and volatility is unlikely to reduce any time soon. In these changing conditions, the most successful insurers have been those with the ability to understand emerging experience better and act on changes more quickly than their competitors.

Enhancing and complementing the current capabilities of Radar, WTW’s market-leading insurance rating solution, Radar Vision leverages AI techniques to generate early, actionable insights relating to inflation, competitor activity, claims and customer behaviour. Key benefits to insurers across both personal and commercial lines include enhanced underwriting profitability, new growth opportunities and reduced costs.

Pardeep Bassi, Global Proposition Leader, Data Science, Insurance Consulting and Technology, at WTW, said: “Insurers in today’s market deploy and maintain large, expansive predictive model real estates, including increasingly complex machine learning models. Radar Vision cuts through this complexity to deliver monitoring that discovers actionable insights faster, offering a competitive edge and driving business performance. 

“We built Radar Vision specifically for insurers and we believe it represents the next milestone in insurance analytics and insurance business management.”

Existing solutions are resource and time intensive, analysing old data that is obsolete, incomplete and inaccurate. In contrast, Radar Vision can be used by portfolio managers and underwriting, claims and pricing teams to complete their calculations and assessments automatically using up-to-date data and bespoke proprietary AI algorithms.

Bassi said: “By automating manual processes and applying AI to uncover previously inaccessible insights, Radar Vision improves efficiency and allows insurers to identify changes in actual versus expected performance quickly. This presents insurers with a forensic insight of potential risks to their businesses, as well as emerging opportunities where resources should be deployed for enhanced performance.”