Global advisory, broking and solutions company WTW has introduced Radar Vision, an AI-driven performance monitoring tool designed for insurers.
Radar Vision builds upon the capabilities of WTW’s existing analytics and model deployment solution, Radar.
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By leveraging AI technologies, it provides early, actionable insights into key factors such as inflation, competitor activity, claims and customer behaviour, the company claims.
The tool is expected to deliver a range of benefits for insurers in both personal and commercial lines, including improved underwriting profitability, new growth opportunities and cost reductions.
WTW Data Science, Insurance Consulting and Technology global proposition leader Pardeep Bassi said: “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 we believe it represents the next milestone in insurance analytics and insurance business management.”
According to WTW, current solutions in the market are often resource and time-intensive, relying on outdated, incomplete or inaccurate data.
Compared with traditional tools, Radar Vision allows portfolio managers, underwriters, claims specialists and pricing teams to automate calculations and assessments using real-time data and AI algorithms.
Bassi added: “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.
“This presents insurers with a forensic insight of potential risks to their businesses, as well as emerging opportunities where resources should be deployed for enhanced performance.”
Radar is part of WTW’s Insurance Consulting and Technology division, which focuses on providing advisory services and innovative technology solutions to the insurance industry. The software is currently used by more than 1,000 companies across six continents.
