Unlocking the value of open source

You’ve built your open-source model. Now what?

In recent years, the growth in the use of Python and other open-source tools by insurers has been unprecedented. And whilst the use of these tools can provide the flexibility and innovation insurers have been looking for across their pricing, underwriting and claims functions, there is growing recognition of the limitations in what they can actually help businesses achieve.

Added to that, there are significant risk and cost implications of developing and maintaining an in-house open-source solutions.

Radar is the answer

WTW’s market-leading insurance rating solution, Radar, allows insurers to execute Python models in real time. It removes the risk and cost of insurers having to build, maintain and support their own software, helping companies to instead focus on driving better business decisions to maintain their competitive edge and boost growth, without compromising on flexibility.

With Radar, insurers will benefit from:

• The flexibility and innovation potential from deploying custom Python code
• The in-built security, control and governance that is costly to build and often an afterthought in self-build approaches
• A significant reduction in the total cost of set up and maintenance of self-build solutions
• A strategic focus on core insurance activity, driving more effective teams
• A simpler operating model and quicker speed to market, with a professionally-maintained and supported solution, and reduced reliance on IT, including putting the power of deployment into the hands of those who understand the business.

If you want to find out how Radar can help you deliver real value from your data science investments, get in touch today.