WTW adds real-time Python deployment and governance to Radar, its market-leading insurance rating solution
17 September 2024 - 10:00PM
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
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