WTW debuts new Insurance Pricing and Underwriting Technology to accelerate speed to market in Guidewire PolicyCenter
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.
WTW (NASDAQ: WTW) ha annunciato il lancio del suo acceleratore per la Valutazione, Prezzo e Sottoscrittura per Guidewire, potenziando il suo Radar, motore di analisi e valutazione. Il nuovo acceleratore semplifica l'integrazione tra Radar e il PolicyCenter di Guidewire, riducendo significativamente i tempi e i costi di implementazione.
Radar è una soluzione completa per il settore assicurativo, che fornisce analisi in tempo reale e orientamenti per la decisione in merito a prezzo e sottoscrittura. L'approccio innovativo dell'acceleratore incorpora direttamente le definizioni dei prodotti Guidewire nell'ambiente di pricing di Radar, consentendo agli assicuratori di aggiornare i prezzi di mercato in pochi minuti anziché in settimane o mesi.
Questo sviluppo risponde alle crescenti richieste del mercato per soluzioni assicurative innovative, aiutando nel contempo i team di pricing a bilanciare prezzi competitivi con i requisiti normativi per l'accuratezza, la trasparenza e l'equità nella valutazione.
WTW (NASDAQ: WTW) ha anunciado el lanzamiento de su acelerador para Calificación, Precios y Suscripción para Guidewire, mejorando su Radar, motor de análisis y calificación. El nuevo acelerador agiliza la integración entre Radar y el PolicyCenter de Guidewire, reduciendo significativamente el tiempo y los costos de implementación.
Radar es una solución integral para el sector asegurador, que proporciona análisis en tiempo real y orientación en la toma de decisiones sobre precios y suscripción. El enfoque innovador del acelerador incorpora directamente las definiciones de productos de Guidewire en el entorno de precios de Radar, permitiendo a los aseguradores actualizar los precios del mercado en minutos en lugar de semanas o meses.
Este desarrollo aborda las crecientes demandas del mercado por soluciones aseguradoras innovadoras, al tiempo que ayuda a los equipos de precios a equilibrar precios competitivos con los requisitos regulatorios de precisión, transparencia y equidad en la calificación.
WTW (NASDAQ: WTW)는 Guidewire를 위한 평가, 가격 책정 및 인수 가속기를 출시했다고 발표하며, Radar 평가 및 분석 엔진을 강화합니다. 새로운 가속기는 Radar와 Guidewire의 PolicyCenter 간 통합을 간소화하여 구현 시간과 비용을 크게 줄입니다.
Radar는 보험 부문을 위한 종합 솔루션으로, 가격 책정 및 인수에 대한 실시간 분석 및 의사결정 안내를 제공합니다. 가속기의 혁신적인 접근 방식은 Guidewire 제품 정의를 Radar의 가격 책정 환경에 직접 통합하여 보험사가 시장 가격을 주 또는 월이 아닌 몇 분 만에 업데이트할 수 있도록 합니다.
이 개발은 혁신적인 보험 솔루션에 대한 시장의 증가하는 수요를 해결하고, 가격 팀이 가격 경쟁력을 유지하며 평가의 정확성, 투명성 및 공정성이라는 규제 요구를 충족하는 데 도움을 줍니다.
WTW (NASDAQ: WTW) a annoncé le lancement de son accélérateur de notation, de tarification et de souscription pour Guidewire, renforçant ainsi son moteur d'analyse et de notation Radar. Le nouvel accélérateur simplifie l'intégration entre Radar et le PolicyCenter de Guidewire, réduisant ainsi considérablement le temps et les coûts d'implémentation.
Radar est une solution complète pour le secteur de l'assurance, offrant des analyses en temps réel et des orientations décisionnelles pour la tarification et la souscription. L'approche innovante de l'accélérateur intègre directement les définitions de produits Guidewire dans l'environnement de tarification de Radar, permettant ainsi aux assureurs de mettre à jour les prix du marché en quelques minutes plutôt qu'en semaines ou en mois.
Ce développement répond à la demande croissante du marché pour des solutions d'assurance innovantes tout en aidant les équipes de tarification à équilibrer les prix compétitifs avec les exigences réglementaires en matière de précision, de transparence et d'équité dans l'évaluation.
WTW (NASDAQ: WTW) hat die Einführung seines Beschleunigers für Bewertung, Preisgestaltung und Underwriting für Guidewire bekannt gegeben, wodurch seine Radar Bewertungs- und Analyse-Engine verbessert wird. Der neue Beschleuniger vereinfacht die Integration zwischen Radar und Guidewires PolicyCenter und reduziert somit erheblich die Implementierungszeiten und -kosten.
Radar ist eine End-to-End-Lösung für den Versicherungssektor, die Echtzeitanalysen und Entscheidungsgrundlagen für Preisgestaltung und Underwriting bietet. Der innovative Ansatz des Beschleunigers integriert die Produktdefinitionen von Guidewire direkt in Radars Preisumfeld, sodass Versicherer Marktpreise in Minuten anstatt in Wochen oder Monaten aktualisieren können.
Diese Entwicklung reagiert auf die steigenden Marktanforderungen an innovative Versicherungslösungen und hilft gleichzeitig den Preisteams, wettbewerbsfähige Preise mit den regulatorischen Anforderungen an Bewertungsgenauigkeit, Transparenz und Fairness in Einklang zu bringen.
- 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
- None.
Insights
The launch of WTW's Rating, Pricing and Underwriting accelerator marks a pivotal advancement in insurance technology integration that could significantly impact operational efficiency and market competitiveness. The innovation addresses three critical pain points in the insurance industry: implementation speed, pricing accuracy and regulatory compliance.
The technology's ability to reduce pricing update cycles from weeks to minutes represents a transformative capability in an industry where pricing agility directly correlates with market share and profitability. This rapid deployment capability is particularly valuable in today's volatile market conditions, where insurers must quickly adjust to changing risk landscapes and competitive pressures.
From an operational perspective, the direct integration of Guidewire product definitions into Radar's pricing environment offers multiple advantages:
- Reduced integration costs and implementation timeframes
- Decreased risk of errors in pricing deployment
- Enhanced ability to respond to market opportunities
- Improved regulatory compliance through consistent pricing application
The strategic significance of this development extends beyond immediate operational benefits. In an era where insurance carriers face increasing pressure to digitize operations and improve customer experience, this integration positions WTW at the forefront of insurance technology innovation. The solution's focus on both speed and accuracy addresses a growing market demand for sophisticated pricing tools that can handle complex risk assessments while maintaining competitive pricing strategies.
For investors, this development signals WTW's continued commitment to technological innovation and its strong position in the insurance technology market. The partnership with Guidewire, a leading provider of insurance software, enhances WTW's market presence and potential revenue streams through technology licensing and implementation services.
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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FAQ
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