Insurers facing rising inflation, shifting customer behaviour, and intensifying competition may now have a new tool to manage these challenges. WTW has introduced Radar Vision, an artificial intelligence-powered solution designed to improve decision-making across underwriting, claims, and pricing functions.
The tool provides insurers with real-time insights that could help them identify emerging risks and opportunities more quickly.
WTW said Radar Vision enhances operational efficiency by automating manual processes and enabling faster responses to deviations between actual and expected performance.
According to the company, these capabilities could lead to increased underwriting profitability, cost reductions, and better resource allocation.
Radar Vision builds on WTW’s existing Radar platform, which offers insurers advanced analytics and machine learning capabilities.
The new tool uses AI algorithms to monitor factors such as inflation trends, competitor actions, and customer behaviour. By automating the analysis of up-to-date data, WTW said insurers can track performance in real-time, reducing the reliance on outdated or incomplete information.
Pardeep Bassi, global proposition leader for data science, insurance consulting and technology at WTW, pointed to the growing complexity of predictive modelling in the insurance industry.
"Radar Vision cuts through this complexity to deliver monitoring that discovers actionable insights faster, offering a competitive edge and driving business performance," he said.
Traditional monitoring methods can be labour-intensive, relying on retrospective data that may no longer reflect current conditions. WTW says Radar Vision addresses this issue by providing portfolio managers and teams across underwriting, claims, and pricing with automatic assessments based on the latest available data.
Bassi noted that the tool’s automated insights allow insurers to identify performance shifts more quickly and adjust strategies accordingly. This capability could provide a clearer view of emerging risks and highlight areas where resources should be directed to optimise results.
In January, WTW appointed Mark Mamone as head of technology delivery and strategy for its Insurance Consulting and Technology business. His responsibilities include leading the strategic development of software delivery processes and managing a portfolio of insurance technology solutions.
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