UPDATE: WTW debuts new Insurance Pricing and Underwriting Technology to accelerate speed to market in Guidewire PolicyCenter
WTW (NASDAQ: WTW) has announced a significant technological advancement with the launch of its Rating, Pricing, and Underwriting accelerator for Guidewire. The new integration enhances WTW's Radar rating and analytics engine, specifically designed for the insurance sector, with Guidewire's PolicyCenter system.
The accelerator streamlines integration by directly incorporating Guidewire product definitions into Radar's pricing environment, significantly expediting the implementation process. This innovation allows insurers to update market prices in minutes instead of days or weeks, addressing the growing demand for innovative insurance solutions while balancing regulatory requirements for rating accuracy, transparency, and fairness.
WTW (NASDAQ: WTW) ha annunciato un'avanzamento tecnologico significativo con il lancio del suo acceleratore di Rating, Pricing e Underwriting per Guidewire. La nuova integrazione potenzia il motore di rating e analisi Radar di WTW, specificamente progettato per il settore assicurativo, con il sistema PolicyCenter di Guidewire.
L'acceleratore semplifica l'integrazione incorporando direttamente le definizioni dei prodotti Guidewire nell'ambiente di pricing di Radar, accelerando significativamente il processo di implementazione. Questa innovazione consente alle compagnie assicurative di aggiornare i prezzi di mercato in pochi minuti anziché in giorni o settimane, affrontando la crescente domanda di soluzioni assicurative innovative, mantenendo al contempo il rispetto dei requisiti normativi per la precisione, la trasparenza e l'equità nella valutazione.
WTW (NASDAQ: WTW) ha anunciado un avance tecnológico significativo con el lanzamiento de su acelerador de Rating, Pricing y Underwriting para Guidewire. La nueva integración mejora el motor de calificación y análisis Radar de WTW, diseñado específicamente para el sector de seguros, con el sistema PolicyCenter de Guidewire.
El acelerador simplifica la integración al incorporar directamente las definiciones de productos de Guidewire en el entorno de precios de Radar, acelerando significativamente el proceso de implementación. Esta innovación permite a las aseguradoras actualizar los precios del mercado en minutos en lugar de días o semanas, abordando la creciente demanda de soluciones de seguros innovadoras y equilibrando los requisitos normativos para la precisión, la transparencia y la equidad en la calificación.
WTW (NASDAQ: WTW)는 Guidewire를 위한 Rating, Pricing, Underwriting 가속기 출시와 함께 상당한 기술 발전을 발표했습니다. 새로운 통합은 보험 산업을 위해 특별히 설계된 WTW의 Radar 평가 및 분석 엔진을 Guidewire의 PolicyCenter 시스템과 통합합니다.
이 가속기는 Guidewire 제품 정의를 Radar의 가격 책정 환경에 직접 통합함으로써 통합을 간소화하며, 구현 프로세스를 상당히 가속화합니다. 이 혁신은 보험사들이 며칠 또는 몇 주가 아닌 몇 분 만에 시장 가격을 업데이트할 수 있게 하여, 혁신적인 보험 솔루션에 대한 증가하는 수요를 충족시키면서 평가의 정확성, 투명성 및 공정성에 대한 규제 요구 사항을 만족시킵니다.
WTW (NASDAQ: WTW) a annoncé un progrès technologique majeur avec le lancement de son accélérateur de notation, de tarification et de souscription pour Guidewire. La nouvelle intégration renforce le moteur de notation et d'analyse Radar de WTW, spécialement conçu pour le secteur des assurances, avec le système PolicyCenter de Guidewire.
L'accélérateur simplifie l'intégration en incorporant directement les définitions de produits Guidewire dans l'environnement de tarification de Radar, ce qui accélère considérablement le processus de mise en œuvre. Cette innovation permet aux assureurs de mettre à jour les prix du marché en quelques minutes au lieu de jours ou de semaines, répondant ainsi à la demande croissante de solutions d'assurance innovantes tout en respectant les exigences réglementaires en matière de précision, de transparence et d'équité des notations.
WTW (NASDAQ: WTW) hat einen bedeutenden technologischen Fortschritt mit der Einführung seines Rating-, Preis- und Underwriting-Beschleunigers für Guidewire bekannt gegeben. Die neue Integration verbessert die Radar-Bewertungs- und Analyse-Engine von WTW, die speziell für den Versicherungssektor entwickelt wurde, mit dem PolicyCenter-System von Guidewire.
Der Beschleuniger vereinfacht die Integration, indem er die Produktdefinitionen von Guidewire direkt in die Preisumgebung von Radar integriert, was den Implementierungsprozess erheblich beschleunigt. Diese Innovation ermöglicht es Versicherern, Marktpreise in Minuten statt in Tagen oder Wochen zu aktualisieren, und reagiert damit auf die wachsende Nachfrage nach innovativen Versicherungslösungen, während gleichzeitig regulatorische Anforderungen an Bewertungsgenauigkeit, Transparenz und Fairness berücksichtigt werden.
- Introduction of new technology accelerator that reduces implementation time and costs
- Enhanced operational efficiency through faster market price updates (minutes vs. days/weeks)
- Improved integration capabilities with Guidewire PolicyCenter system
- None.
Insights
The launch of WTW's Radar accelerator for Guidewire marks a strategic technological leap that strengthens the company's competitive moat in the $240 billion global insurance software market. This integration addresses three critical market demands: rapid deployment, pricing precision and regulatory compliance.
The partnership with Guidewire, which holds approximately 40% market share in property and casualty insurance core platforms, positions WTW to capture a larger slice of the insurance technology spend. By reducing implementation time from months to minutes, the solution directly impacts carriers' bottom lines through: 1) Reduced integration costs, 2) Faster time-to-revenue for new products and 3) More dynamic pricing optimization.
The technological advancement creates significant barriers to entry through:
- Direct integration with Guidewire's product definitions
- Real-time pricing deployment capabilities
- Automated regulatory compliance features
From a revenue perspective, this positions WTW to:
- Expand its insurance technology market share
- Generate higher-margin recurring revenue through software licensing
- Cross-sell additional consulting services to implementation clients
This development reinforces WTW's transformation from a traditional insurance broker to a technology-enabled solutions provider, potentially commanding higher valuation multiples typical of enterprise software companies.
NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, announced the latest advancement in its Radar rating and analytics engine with the launch of its Rating, Pricing, and Underwriting acceleratori for Guidewire.
Radar, WTW’s external rating engine, is an end-to-end solution designed specifically for the insurance sector. It provides cutting-edge analytics and decision-making for pricing and underwriting, deployed to the market in real time. Radar’s new Guidewire accelerator will streamline the integration of Radar with PolicyCenter, Guidewire’s policy administration system, allowing carriers to realize the benefits of Radar faster. The accelerator uses a highly innovative approach that draws Guidewire product definitions directly into Radar’s pricing environment, massively expediting the integration process.
Customers' demand for more innovative insurance solutions has increased significantly in recent years. Pricing and underwriting teams have been pushed to the limit by the need to provide new products in a competitive market while balancing regulatory requirements for rating accuracy, transparency, and fairness. Radar is a proven solution that delivers success for insurers and their customers in this challenging environment.
Gio Smyth, Managing Director and Americas Regional Leader, Insurance Consulting and Technology, WTW, said: “WTW’s integration between Guidewire PolicyCenter and our Radar technology will enhance the operational efficiency of our shared clients by reducing implementation time and cost, enabling them to maximize the benefits of Radar. The injection of game-changing speed and accuracy into the pricing process makes it possible to update market prices in minutes rather than days, weeks, or months, giving insurers a competitive edge.”
Will Murphy, Vice President, Global Technology Alliances, Guidewire, said: “With the launch of the Radar Accelerator from WTW, our shared customers can now quickly leverage a valuable rating solution that enables insurers to realize quicker and more accurate underwriting and pricing performance.”
About Radar
Smarter insights. Better results. Delivered faster.
Radar is a complete, end-to-end analytics and model deployment solution. It was built specifically for insurers by insurance experts and continually enhanced through ongoing investment, development, and innovation.
Radar delivers proprietary machine learning algorithms, real-time decision-making, regulatory reporting, speed, and ease of deployment.
Radar is part of WTW’s Insurance Consulting and Technology business, which serves the insurance industry with a powerful combination of advisory services and leading-edge technology. Its mission is to innovate and transform insurance and deliver solutions that help clients better select, finance, and manage risk and capital.
We work with clients of all sizes globally, including most of the world’s leading insurance groups. Over 1,000 client companies use our specialist insurance software on six continents. With over 1,700 colleagues in 35 markets, we continually strive to be a partner and employer of choice to the insurance industry.
About Insurance Consulting and Technology (ICT)
WTW’s Insurance Consulting and Technology (ICT) business has over 1,200 colleagues operating and capital, improve business performance, and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management, and strategy.in 35 markets worldwide. ICT is a leading provider of advice, solutions, and software – primarily to the insurance industry. Its consulting services help clients manage risk
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success and provide a perspective that moves you.
Learn more at wtwco.com.
Media Contact
Douglas Menelly +1 516 445 5387 | douglas.menelly@wtwco.com
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i https://marketplace.guidewire.com/s/product/radar-accelerator-for-rating-and-pricing-for-policycenter/01t3n00000SqGjIAAV?language=en_US
FAQ
What is WTW's new Radar accelerator for Guidewire and when was it launched?
How does WTW's new Radar accelerator improve insurance pricing speed?
What are the main benefits of WTW's Radar integration with Guidewire PolicyCenter?
How does WTW's Radar accelerator address current insurance market challenges?
