WTW launches new digital trading platform to ‘disrupt’ commercial market
WTW has launched a next-generation digital platform that enables underwriters and brokers to connect and trade more easily, at a lower cost and greater speed, leveraging digitisation, automation and improved data usage. The global broker sees the potential for the new solution to “disrupt” the commercial insurance industry.
WTW’s Neuron is an end-to-end trading solution that connects multiple broker and insurer systems, standardising data and allowing risks to flow at scale across multiple lines of business. It also addresses the problem of fragmentation in the digital insurance marketplace where multiple platforms and technologies have little connectivity among them.
By providing a many-to-many ‘universal adapter’, Neuron promises unparalleled market-wide connectivity and easier access to the market by seamlessly linking brokers’ and insurers’ systems.
Following the launch of the WTW Broking Platform, a new digital trading solution enabling real-time transactions for WTW and carriers, Neuron was launched at the RIMS 2023 annual conference in Atlanta.
Louise Smith, global leader of Neuron, WTW, said: “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. 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.”
Taffy Jo Mayers, global proposition leader, commercial and specialty, WTW, said: “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.”
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