WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers

WTW has announced the North American launch of Radar Vision, an AI-driven performance monitoring tool custom-built for insurers.

The global insurance industry has been turbulent for a few years, with significant inflation and demographic changes compounded by increasingly competitive and volatile market forces. The rate of change and volatility are unlikely to reduce any time soon. In these changing conditions, the most successful insurers have been those able to understand emerging experiences better and act on changes more quickly than their competitors.

Enhancing and complementing the current capabilities of Radar, WTW’s market-leading insurance rating and analytics solution, Radar Vision’s automated model monitoring leverages AI techniques to generate early, actionable insights relating to inflation, competitor activity, claims, and customer behavior. Key benefits to insurers across both personal and commercial lines include enhanced underwriting profitability, new growth opportunities, and reduced costs.

“Insurers in today’s market deploy and maintain large, expansive predictive model real estates, including increasingly complex machine learning models,” said Laura Doddington, head of personal and commercial lines consulting and technology, North America, at WTW. “Vision cuts through this complexity to deliver automated model monitoring that discovers actionable insights faster, offering a competitive edge and driving business performance. We built Radar Vision specifically for insurers, representing the next milestone in predictive analytics and insurance business management.”

Existing solutions are resource and time-intensive and analyze obsolete, incomplete, and inaccurate data. In contrast, Radar Vision can be used by portfolio managers and underwriting, claims, pricing, and data science teams to automatically complete their calculations and assessments using up-to-date data and bespoke proprietary AI algorithms.

Doddington said, “By automating manual processes and applying AI to uncover previously inaccessible insights, Radar Vision improves efficiency and allows insurers to quickly identify changes in actual versus expected performance.”

Source: WTW

Topics
Carriers
InsurTech
Data Driven
Artificial Intelligence
Tech
Willis Towers Watson