It’s already clear that technology will be increasingly critical to the trading of risk and the matching of risk to capital in the insurance market. Neuron plugs you into the full breadth of the growing digital market quickly and easily, using a many to many approach.
Neuron counters the largely fragmented digitalisation of the insurance marketplace to date, where multiple platforms and technologies have been designed for specific tasks or business lines with little or no connectivity among them.
What does Neuron give you?
- A sophisticated data preparation and analytics ecosystem that enables risks to flow throughout the marketplace in standardised, structured formats
- The levels of automation, immediacy, flexibility, governance and transparency required of a truly digital market
- The ability to distribute, use and augment data from a variety of sources
- Seamlessly connects your existing systems to the network using application programming interfaces (APIs) – with the option of employing a front-end Neuron interface – making doing business in segments such as auto-follow subscription business easier from start to finish
Control and flexibility
No blind alleys
The Neuron ecosystem’s API connectivity gives you complete flexibility in how you use it – alongside your own underwriting and pricing tools or in conjunction with a bundled algorithm in WTW Radar, for example. Either way, the algorithm sits outside the platform, guided by rules under your control.
Enhanced data capability
It also means you can fully leverage data and other assets to which you have access, such as algorithms and models, in the trading environment – regardless of where they sit within the ecosystem.
Business improvement
Further potential applications include extending the intellectual property generated into other areas, such as reserving, portfolio and exposure management, and capital management.
Neuron benefits at a glance
- Maximises insurers’ risk capacity in the marketplace without significant additional overhead or risk
- Maximises brokers’ access to capital
- Creates a strong data foundation for presenting and evaluating risks, with the ability to augment data packets from third party sources
- Maximises brokers’ speed to quote without significant additional work
- Minimises low-value, duplicative administrative work throughout the system, instead of shuffling it around between participants
