Re/insurance broker WTW has announced the global launch of Neuron, a digital insurance platform that uses cutting-edge technology to help underwriters and brokers connect and trade more easily.
The platform also helps improve both the speed and cost of doing business through digitisation, automation and better use of data.
WTW stated that Neuron is an end-to-end trading solution that possesses the capabilities to connect multiple broker and insurer systems together, enabling risks to flow at scale and with common data standards, across various lines of business.
Through this, the brokers new platform will be able to directly addresses existing problems caused by a fragmented digital insurance marketplace, where numerous platforms and technologies have been designed for specific tasks or business lines with little or no connectivity among them.
“At its core Neuron is a simple solution, a data pathway that can digitally connect any broker with any underwriter, getting them into the market quickly and cost effectively,” said Louise Smith, Global Leader of Neuron, WTW.
She continues: “Underneath it’s an incredibly sophisticated digital platform. Neuron offers unprecedented levels of automation, governance and transparency, giving the user complete control, flexibility and confidence in how they use Neuron alongside their own underwriting and pricing tools when conducting business from start to finish.”
Additionally, by providing a many-to-many ‘universal adapter’, Neuron will also offer unrivalled market-wide connectivity and easier access to the market. By seamlessly linking the systems of brokers and insurers, the platform supports greater speed of information and quote transfer, together with high data quality, therefore making it much easier for market participants to generate more nuanced decisions in a more faster and more cost effective manner.
Taffy Jo Mayers, Global Proposition Leader, Commercial and Specialty, WTW, commented: “At WTW, we are creating complementary and transformative technologies through our broking and consulting businesses, which we believe will be the standard for the connected ecosystems required to unlock future innovative risk solutions, trading and underwriting. Neuron is integral to these wider investments, creating a new benchmark in speed, agility, accessibility and ease of use that will help brokers and underwriters adapt to competitive and quickly evolving insurance markets worldwide.”
The launch of Neuron follows on from the recent announcement that WTW’s broking platform is now enabling digital trading with Zurich as part of its ongoing evolution.
