WTW and Guidewire partner to boost insurance pricing and underwriting performance
June 05 2024 - 8:59AM
WTW (NASDAQ: WTW), a leading global advisory, broking, and
solutions company, has announced a new collaboration with Guidewire
(NYSE: GWRE). This partnership will allow carriers to rapidly
integrate WTW and Guidewire’s cloud platform enhancing the
sophistication and speed-to-market of pricing, rating, and
underwriting.
Customers' demand for more innovative insurance
solutions has increased significantly in recent years. This trend
is driven by an expanding appetite for new products, a competitive
environment requiring new modeling techniques and more granular
data, and regulators requiring rating accuracy, transparency, and
fairness. These pressure points are pushing the capabilities of
pricing and underwriting teams to the limit.
This collaboration will introduce a Ready for
Guidewire accelerator between WTW’s Radar analytics software and
Guidewire PolicyCenter, resulting in repeatable and rapid
integration. Radar has been designed specifically for the insurance
sector to create cutting-edge analytics for pricing and
underwriting and deploy them to market in real time. This
partnership will allow carriers to benefit from WTW’s sustained
innovation in proprietary machine-learning algorithms, real-time
decision-making, regulatory reporting, speed, and performance.
Gio Smyth, Managing Director and Americas
Regional Leader, WTW, Insurance Consulting and Technology, said: “I
am very excited by the opportunity to work alongside Guidewire to
support carriers globally. Collaborating with Guidewire, one of the
leading insurance platforms in the market, offers material benefits
to our clients.”
“Our Guidewire integration will enhance the
operational efficiency of our mutual clients by reducing
implementation time and cost, enabling them to maximize the
benefits of Radar,” continued Smyth.
Will Murphy, Vice President, Global Technology
Alliances at Guidewire, said: “We’re excited to welcome WTW as a
new technology solution partner and look forward to their
contribution to the Guidewire Marketplace. The combination of
PolicyCenter with WTW’s Radar analytics solution will enable
insurers to realize quicker and more accurate underwriting and
pricing performance.”
About Insurance Consulting and
TechnologyWTW’s Insurance Consulting and Technology
business serves the insurance industry with a powerful combination
of advisory services and leading-edge technology. Our mission is to
innovate and transform insurance, and we deliver solutions that
help clients better select, finance, and manage risk and
capital.
We work with clients of all sizes globally,
including most of the world’s leading insurance groups. Over 1,000
client companies use our specialist insurance software on six
continents. With over 1,700 colleagues in 35 markets, we
continually strive to be a partner and employer of choice to the
insurance industry.
About WTWAt 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 organizations sharpen their strategy, enhance organizational
resilience, motivate their workforce, and maximize performance.
Working shoulder to shoulder with our clients,
we uncover opportunities for sustainable success—and provide
perspective that moves you.
Learn more at wtwco.com.
Media Contact
Douglas
MenellyDouglas.Menelly@wtwco.com +1 (516) 972
0380
Arnelle SullivanArnelle.Sullivan@wtwco.com +1
(718) 208-0474
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