WTW launches AI tool to enhance insurer performance

WTW has introduced a new AI-driven monitoring tool for insurers called Radar Vision. It is designed to enhance business performance and promote profitable growth in the insurance sector.

Radar Vision employs advanced AI techniques to provide insurers with early and actionable insights into inflation, competitor activity, claims, and customer behaviour. These insights allow insurers to respond quickly to emerging trends, improving their operations across personal and commercial lines.

Pardeep Bassi, Global Proposition Lead, Data Science at WTW, emphasised the significance of this development: "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 believe it represents the next milestone in insurance analytics and business management."

Radar Vision is set to complement the existing Radar solution, WTW's insurance rating tool, by offering enhanced capabilities. The tool aids in underwriting, portfolio management, and claims handling. The focus on up-to-date data and proprietary AI algorithms allows Radar Vision to facilitate automatic calculations and assessments, improving efficiency and providing detailed insights into insurers' risks and opportunities.

Bassi also highlighted the tool's efficiency improvements: "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. This presents insurers with a forensic insight of potential risks to their businesses and emerging opportunities where resources should be deployed for enhanced performance."

The launch of Radar Vision targets the industry's need for agile and informed decision-making amidst complex and shifting market conditions. It aims to help insurers refine their competitive strategies by harnessing real-time data and advanced analytics.

Radar Vision's integration with existing systems seeks to streamline insurers' operations and reduce costs, providing a comprehensive tool for existing clients and new adopters. This tool promises to be a valuable asset for various teams within insurance companies, handling diverse functions from pricing to claims.