WTW (NASDAQ: WTW) has today announced the launch of a new Data Science Consultancy unit, within WTW’s Insurance Consulting and
Technology (ICT) business. The new consultancy will specialise in helping insurers extract greater value from data science and machine learning in order to drive better business decisions, to remain competitive and to boost their growth.
This launch further accelerates WTW efforts in data science, complementing progress made in the company’s wider business to support clients appropriately using advanced analytics. The launch of the Data Science Consultancy unit formalises capability that WTW has been using to help insurers for some years, and further enhances WTW’s market-leading risk and analytics capabilities. Insurers will benefit from 25 years of WTW in-house software development and decades of insurance expertise.
Mani Heer, UK Head of Data Science, ICT, at WTW, said: “More insurers are using data science to unlock the value of their data to support decision making and to generate value, but thus far with varying degrees of success. Insurance is different from other industries with low frequency and long-tailed events, a highly regulated environment, and outcome asymmetries created by price transparency and intense competition.
“In our work to review and improve data science capabilities for insurers we have found that extracting real business value from data science requires the right combination of technology, culture and insurance domain expertise.”
The Data Science Consultancy unit will enable insurers to accelerate their own data science efforts by helping them to avoid common pitfalls around the quality of assets built in open-source tools, to overcome the challenges of integrating data science capability with the rest of their business activities, and to understand, price and manage the risks that they take on more effectively.
Pardeep Bassi, Global Proposition Leader for Data Science, ICT, at WTW, said: “Looking at some recent financial results, it’s clear to see that those insurers who are leveraging machine learning successfully at real scale, across all decision points, have achieved a significant competitive advantage. Insurers can no longer thrive without fully embracing data science and, if you want to compete and to win, you need a best-in-class data science approach.
“WTW has invested significantly in machine learning and data science capabilities to enhance existing – as well as create new – propositions to help insurers maintain their competitive edge, enhance their business operations and improve customer satisfaction levels.”