GlobalData surveying has revealed that inflation remains a critical challenge for businesses. Leading global broking company Willis Towers Watson (WTW) has announced the launch of its new AI-driven monitoring tool, Radar Vision, designed to address this issue and more. The increasing pressure of high inflation and its ripple effects emphasise the urgent need for insurers to leverage advanced tools to anticipate and manage emerging risks effectively.
A poll conducted by GlobalData in Q1 2024 found that 36.2% of respondents identified high inflation as the theme most likely to impact their business over the next 12 months. Only geopolitical conflict ranked closely (35.9%)—with digitalisation (10.5%); cybersecurity (8.8%); and environmental, social, and governance (ESG) (8.5%) less prominent. As inflationary pressures continue to shape economic conditions, insurers are increasingly reliant on innovative solutions to stay ahead of the curve and protect their operations.
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Inflation remains a dominant force affecting claims costs, underwriting profitability, and customer behaviour across the insurance sector. WTW’s Radar Vision has the ability to generate early insights into inflation, competitor activity, claims, and customer behaviour, and insurers can use this to better position themselves to adapt to these challenges, tapping into a growing need for data-driven decision-making tools. The benefits of the tool include enhanced underwriting profitability, new growth opportunities, and reduced costs.
To effectively navigate inflationary pressures and maintain resilience in a volatile market, insurers must proactively integrate tools such as Radar Vision into their workflows. By leveraging this tool, insurers can refine risk assessment models, adjust pricing strategies, and generate actionable insights to mitigate financial strain, enhance customer satisfaction, and stay competitive. Equipped with comprehensive monitoring capabilities and predictive analytics, they can adapt to emerging challenges and make informed, data-driven decisions to safeguard their operations.
