WTW adds real-time Python deployment and governance to Radar, its market-leading insurance rating solution
NEW YORK, Sept. 17, 2024 (GLOBE NEWSWIRE) -- 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 | [email protected]
Arnelle Sullivan: +1 (718) 208-0474 | [email protected]
