WTW to streamline insurance pricing and underwriting with new partnership
Global broker WTW has teamed up with a New York-based insurtech Guidewire to optimise its insurance pricing and underwriting performance.
The partnership is designed to enable carriers to integrate WTW with Guidewire’s cloud platform, to improve pricing, rating, and underwriting speed for real-time deployment to the market.
It will implement a Guidewire accelerator linking WTW's analytics software “Radar” with Guidewire’s PolicyCenter for repeatable integration.
WTW said the partnership will allow carriers to benefit from “proprietary machine-learning algorithms, real-time decision-making, regulatory reporting, speed, and performance”.
Gio Smyth, managing director and America’s regional leader for WTW’s insurance consulting and technology business, 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 maximise the benefits of Radar.”
Will Murphy, vice president of global technology alliances at Guidewire, remarked: “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 realise quicker and more accurate underwriting and pricing performance.”
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