WTW adds real-time Python deployment and governance to Radar, its market-leading insurance rating solution

GLOBAL, September 17, 2024 — WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, has expanded its market-leading Radar software to enable real-time execution of Python.

The benefits of Radar’s real-time Python deployment capability apply across the insurance value chain for personal and commercial lines, including pricing, underwriting and claims. This allows insurers to unlock the innovation and flexibility offered by Python for real-time decision making. The software also provides a secure and well-governed environment to ensure the right oversight and regulatory compliance can be applied.

“Current governance, risk and control frameworks have struggled to keep pace with the unprecedented growth of open source adoption, with in-house solutions exposed to significant risk and expense,” said Pardeep Bassi, Global Proposition Lead, Data Science at WTW. “Radar overcomes this barrier by enabling insurers to benefit from the flexibility and innovation of open source but in a controlled, robust manner that supports business critical decisions and generates real value at scale.”

Those who want to deploy Python have until now had to choose between expensive, custom deployment solutions and the compromises required by using open standards such as ONNX and PMML. Radar now directly allows deployment of code, AI, and Machine Learning from more than 8,000 Python libraries.

“Insurers that have tried to build their own solutions have not only found their attempts astronomically expensive to maintain but they also failed to deliver value,” said Neil Chapman, Senior Director at WTW. “Radar’s Python capability removes the risk and cost of insurers having to build, maintain and support their own software, helping companies instead to focus on driving better business decisions to maintain their competitive edge and boost growth, without compromising on flexibility.”

This new feature means that insurers can bring together insurance analytics domain expertise - with a low code preference - and those who want to leverage the power of Python and open source.

With this new feature Radar enables:

• Deployment of AI and machine learning in pricing, underwriting and claims.
• Deployment of AI and Gen AI models on unstructured data during the claims and underwriting processes to help make better predictions more quickly.
• Rapid and efficient deployment to market by business teams to allow changes to business rules and calculations to be changed to adapt to dynamic markets.
• A single environment for pricing, underwriting, portfolio management, actuarial and data science teams to collaborate on effective decision making and performance improvement, facilitated by seamless joint deployment of Python and Radar models.
• Low latency, high volume and high resiliency for business-critical decisions.
• Insurance-specific requirements such as historic models for pricing for policy adjustments and meeting regulatory requirements.
• Security and governance requirements to be met when deploying open source code.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organisations sharpen their strategy, enhance organisational resilience, motivate their workforce and maximise performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.