WTW and Guidewire partner to boost insurance pricing and underwriting performance

technology challenges threaten real progress

Arlington, VA (June 5, 2024) – WTW, a leading global advisory, broking, and solutions company, is pleased to announce a new collaboration with Guidewire. 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 Guidewire Software

Guidewire (NYSE: GWRE) is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 540 insurers in 40 countries, from new ventures to the largest and most complex in the world, run on Guidewire.

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,600+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation. For more information, please visit www.guidewire.com.

About Insurance Consulting and Technology

WTW’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 WTW

At WTW (NASDAQ: WLTW), 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. For more information, visit www.wtwco.com.

SOURCE: Willis Towers Watson

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