WTW adds real-time Python deployment and governance to Radar, its market-leading insurance rating solution

Rhea-AI Summary

WTW (NASDAQ: WTW) has expanded its Radar software to enable real-time Python execution for insurance pricing, underwriting, and claims. This enhancement allows insurers to leverage Python's flexibility for real-time decision-making in a secure, well-governed environment. The new feature supports deployment of AI and machine learning models, including on unstructured data, and facilitates rapid market deployment of business rule changes.

Key benefits include:

• Low latency, high volume processing for critical decisions
• Seamless collaboration between pricing, underwriting, and data science teams
• Compliance with security and governance requirements
• Support for insurance-specific needs like historic models for policy adjustments

This update addresses the challenges of open-source adoption in insurance, offering a cost-effective, controlled solution for Python deployment.

Positive

• Enables real-time Python execution for insurance pricing, underwriting, and claims
• Supports deployment of AI and machine learning models, including on unstructured data
• Facilitates rapid market deployment of business rule changes
• Offers low latency, high volume processing for critical decisions
• Provides a secure and well-governed environment for Python deployment
• Allows seamless collaboration between pricing, underwriting, and data science teams

Negative

• None.

Insights

Tech Expert

WTW's integration of real-time Python execution into Radar represents a significant leap forward for insurance technology. This enhancement addresses a critical gap in the industry by enabling insurers to leverage Python's flexibility and extensive libraries within a secure, governed environment. The ability to deploy AI and machine learning models directly from Python for pricing, underwriting and claims processes could dramatically accelerate decision-making and improve accuracy.

The solution's support for over 8,000 Python libraries opens up vast possibilities for innovation, potentially allowing insurers to implement cutting-edge algorithms and models that were previously challenging to integrate into production systems. This could lead to more sophisticated risk assessment, personalized pricing and efficient claims processing.

However, the real game-changer is the governance framework. By providing a controlled environment for Python deployment, WTW addresses the significant risks associated with open-source adoption in a heavily regulated industry. This could be a key differentiator in the market, especially for insurers wary of regulatory compliance issues when implementing advanced analytics.

Financial Analyst

The expansion of WTW's Radar software could have a positive impact on the company's financial performance. By addressing a critical need in the insurance industry, WTW is likely to strengthen its market position and potentially increase its revenue streams from software licensing and related services.

The solution's ability to reduce costs associated with custom deployment solutions and in-house development could be particularly attractive to insurers, especially in the current economic climate where efficiency is paramount. This could lead to increased adoption of WTW's Radar platform, driving recurring revenue growth.

Moreover, by enabling insurers to deploy advanced analytics more efficiently, WTW is positioning itself as a key enabler of digital transformation in the insurance sector. This strategic move could result in long-term client relationships and upselling opportunities for WTW's broader suite of advisory and broking services, potentially boosting the company's overall financial performance and shareholder value.

NEW YORK, Sept. 17, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has today announced the expansion of its market-leading Radar software to enable real-time Python execution.

The benefits of Radar’s real-time Python deployment capability apply across the insurance value chain for personal and commercial lines, including pricing, underwriting, and claims. This allows insurers to unlock the innovation and flexibility offered by Python for real-time decision-making. The software also provides a secure and well-governed environment to ensure the right oversight and regulatory compliance can be applied.

“Current governance, risk, and control frameworks have struggled to keep pace with the unprecedented growth of open-source adoption, with in-house solutions exposed to significant risk and expense,” said Pardeep Bassi, Global Proposition Lead, Data Science at WTW. “Radar overcomes this barrier by enabling insurers to benefit from the flexibility and innovation of open source but in a controlled, robust manner that supports business-critical decisions and generates real value at scale.”

Until now, those who want to deploy Python have had to choose between expensive, custom deployment solutions and the compromises required by using open standards such as ONNX and PMML. Radar now directly allows the deployment of code, AI, and Machine Learning from more than 8,000 Python libraries.

“Insurers that have tried to build their own solutions have found their attempts expensive to build and maintain and very hard to govern. This ultimately limits the business value they can deliver,” said Laura Doddington, Head of Personal Lines, Insurance Consulting and Technology at WTW North America. “Radar’s Python capability removes the risk and cost of insurers to build, maintain, and support the software, aiding companies instead to focus on doing what they do best - driving better business decisions through the use of models and data, to generate profitable growth.”

This new feature means that insurers can combine insurance analytics domain expertise—with a low-code preference—with those who want to leverage the power of Python and open source.

With this new feature, Radar enables:

• Deployment of AI and machine learning in pricing, underwriting, and claims.
• Deployment of AI and Gen AI models on unstructured data during the claims and underwriting processes to help make better predictions more quickly.
• Rapid and efficient deployment to market by business teams to allow changes to business rules and calculations to be changed to adapt to dynamic markets.
• A single environment for pricing, underwriting, portfolio management, actuarial, and data science teams to collaborate on effective decision-making and performance improvement, facilitated by the seamless joint deployment of Python and Radar models.
• Low latency, high volume, and high resiliency for business-critical decisions.
• Insurance-specific requirements such as historic models for pricing for policy adjustments and meeting regulatory requirements.
• Compliance with security and governance requirements when deploying open-source code.
  

About Radar

WTW’s Radar is an end-to-end analytics and model deployment solution that transforms insurers’ pricing and underwriting capabilities. With proprietary algorithms and insurance reports, clients use Radar to maximise the value of their data, rapidly build and test sophisticated models, and deploy them directly into their rating process.

About Insurance Consulting and Technology (ICT)

WTW’s Insurance Consulting and Technology business serves the insurance industry with a powerful combination of advisory services and leading-edge technology. Our mission is to innovate and transform insurance, and we 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 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 perspective that moves you.
Learn more at wtwco.com.

Media Contact

Andrew Collis: +44 7932 725 267 | andrew@acolliscommunications.com

Arnelle Sullivan: +1 (718) 208-0474 | Arnelle.Sullivan@wtwco.com

FAQ

What new feature has WTW (WTW) added to its Radar software?

WTW has added real-time Python deployment and governance capabilities to its Radar software, enabling insurers to execute Python code in real-time for pricing, underwriting, and claims processes.

How does the new Python feature in WTW's (WTW) Radar benefit insurers?

The new feature allows insurers to leverage Python's flexibility and innovation for real-time decision-making, deploy AI and machine learning models, rapidly adapt to market changes, and ensure compliance with security and governance requirements.

What specific insurance processes can benefit from WTW's (WTW) Radar Python integration?

The Python integration in Radar can benefit insurance pricing, underwriting, claims processing, portfolio management, and actuarial processes by enabling AI model deployment, rapid business rule changes, and collaborative decision-making.

How does WTW's (WTW) Radar address open-source adoption challenges in insurance?

Radar provides a controlled, robust environment for deploying open-source Python code, overcoming governance and risk challenges associated with in-house solutions while supporting business-critical decisions and regulatory compliance.