Introduction
International broker WTW has introduced Radar Vision, an AI-driven performance monitoring tool specifically designed for insurers. This innovation arrives at a time when the global insurance industry is undergoing rapid change due to factors like significant inflation, demographic shifts, and a volatile market.
Industry Challenges
According to WTW, for insurers to thrive in this environment, they must swiftly understand and adapt to emerging trends and evolving customer needs.
Features of Radar Vision
Radar Vision enhances and complements the current capabilities of Radar, WTW’s insurance rating solution. By leveraging artificial intelligence (AI) techniques, it generates early, actionable insights regarding inflation, competitor activity, claims, and customer behavior.
Benefits to Insurers
Key benefits for insurers across both personal and commercial lines include enhanced underwriting profitability, new growth opportunities, and reduced costs.
Expert Opinion
Pardeep Bassi, Global Proposition Leader, Data Science, Insurance Consulting and Technology at WTW, stated, “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.”
Comparison with Existing Solutions
Unlike other existing solutions that are resource and time-intensive, Radar Vision can be used by portfolio managers and underwriting, claims, and pricing teams to complete their calculations and assessments automatically using up-to-date data and bespoke proprietary AI algorithms.
Efficiency and Insights
Bassi further explained, “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.”
Conclusion
This presents insurers with a forensic insight into potential risks to their businesses, as well as emerging opportunities where resources should be deployed for enhanced performance.
