WTW debuts new Insurance Pricing and Underwriting Technology to accelerate speed to market in Guidewire PolicyCenter

Rhea-AI Summary

WTW (NASDAQ: WTW) has announced the launch of its Rating, Pricing, and Underwriting accelerator for Guidewire, enhancing its Radar rating and analytics engine. The new accelerator streamlines integration between Radar and Guidewire's PolicyCenter, significantly reducing implementation time and costs.

Radar is an end-to-end solution for the insurance sector, providing real-time analytics and decision-making guidance for pricing and underwriting. The accelerator's innovative approach directly incorporates Guidewire product definitions into Radar's pricing environment, enabling insurers to update market pricing in minutes instead of weeks or months.

This development addresses increasing market demands for innovative insurance solutions while helping pricing teams balance competitive pricing with regulatory requirements for rating accuracy, transparency, and fairness.

Positive

• Integration reduces implementation time and costs for insurance companies
• Enables real-time market pricing updates (minutes vs. weeks/months)
• Improves operational efficiency for shared clients

Negative

• None.

LONDON, Feb. 06, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, today 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 guidance 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 more quickly. The accelerator uses a highly innovative approach that draws Guidewire product definitions directly into Radar’s pricing environment, massively expediting the integration process.

Market and customer demand for more innovative insurance solutions has increased significantly in recent years. Pricing and underwriting teams have been stretched he 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, commented, “WTW’s integration between Guidewire PolicyCenter and our Radar technology platform will enhance the operational efficiency of our shared clients by reducing implementation time and cost, enabling them to maximize the benefits of Radar. The addition of game-changing speed and accuracy to the pricing process makes it possible to update market pricing in minutes rather than days, weeks, or months, affording insurers a particular 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 PolicyCenter?

WTW's Radar accelerator is a new integration tool that streamlines the connection between Radar rating engine and Guidewire PolicyCenter, enabling faster market pricing updates and improved operational efficiency.

How does WTW's new Radar accelerator improve insurance pricing speed?

The accelerator allows insurers to update market pricing in minutes rather than days, weeks, or months by directly incorporating Guidewire product definitions into Radar's pricing environment.

What benefits does the WTW Radar accelerator provide to insurance companies?

The accelerator reduces implementation time and costs, enhances operational efficiency, enables faster market pricing updates, and improves underwriting and pricing performance accuracy.

How does WTW's Radar technology help with insurance regulatory compliance?

Radar helps insurance companies balance competitive pricing with regulatory requirements for rating accuracy, transparency, and fairness while providing innovative insurance solutions.