WTW launches new AI-driven monitoring tool for insurers

WTW has launched a new artificial intelligence (AI)-driven monitoring tool for insurers.

Called Radar Vision, the tool can generate early insights relating to inflation, competitor activity, claims and customer behaviour.

Insurers across both personal and commercial lines will be able to use these insights to boost underwriting, find new growth opportunities and reduce costs.

Portfolio managers and underwriting, claims and pricing teams can also use the tool to complete their calculations and assessments automatically using up-to-date data and bespoke proprietary AI algorithms.

Pardeep Bassi, global proposition leader for data science, insurance consulting and technology at WTW, said: “By automating manual processes and applying AI to uncover previously inaccessible insights, Radar Vision improves efficiency and allows insurers to identify changes in actual versus expected performance quickly.

“This presents insurers with a forensic insight of potential risks to their businesses, as well as emerging opportunities where resources should be deployed for enhanced performance.”

Rapid response

WTW said it launched the tool after seeing “significant inflation and demographic changes, compounded by increasingly competitive and volatile market forces”.

“The rate of change and volatility is unlikely to reduce any time soon,” it added.

The broker hopes Radar Vision will help insurers have a rapid response to emerging trends.

Bassi said: “Insurers in today’s market deploy and maintain large, expansive predictive model real estates, including increasingly complex machine learning models.

“Radar Vision cuts through this complexity to deliver monitoring that discovers actionable insights faster, offering a competitive edge and driving business performance.

“We built Radar Vision specifically for insurers and we believe it represents the next milestone in insurance analytics and insurance business management.”