Global insurance broker WTW has expanded its Radar software, an insurance rating solution, to enable real-time execution of Python.
Radar’s ability to deploy Python in real-time will deliver advantages throughout the insurance process, impacting both personal and commercial lines in areas like pricing, underwriting, and claims.
This will empower insurers to harness Python’s innovative potential and adaptability for real-time decision-making. Additionally, the software provides a secure and well-governed environment, guaranteeing proper oversight and adherence to regulations.
Pardeep Bassi, Global Proposition Lead, Data Science at WTW, said: “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.
“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.”
Historically, deploying Python applications has led those who want to use it to choose between costly, bespoke solutions and the limitations inherent in open standards like ONNX and PMML.
Radar now enables deployment of code, AI, and machine learning from over 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.
Adding: “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.
Python will enable the deployment of AI and machine learning in pricing, underwriting and claims, for example. As well as the deployment of AI and Gen AI models on unstructured data during the claims and underwriting processes to help make better predictions more quickly, among many other features.
