Markets/Coverages: WTW Launches End-to-End Trading Platform to Connect Broker, Insurer Systems
WTW, the global advisory, broking and solutions company, announced the global launch of Neuron, a sophisticated digital insurance platform. Neuron uses cutting-edge technology to help underwriters and brokers connect and trade more easily, improving the speed and cost of doing business through digitization, automation and better use of data.
Neuron is an end-to-end trading solution with the capability to connect multiple broker and insurer systems, enabling risks to flow at scale and with common data standards, across many lines of business. This 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. “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.”
By providing a many-to-many “universal adapter,” Neuron will offer unrivaled market-wide connectivity and easier access to the market, WTW said.
By seamlessly linking the systems of brokers and insurers, Neuron supports greater speed of information and quote transfer, together with high data quality, making it easier for market participants to generate more nuanced decisions faster and more cost effectively, WTW explained.
“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,” commented Taffy Jo Mayers, global proposition leader, Commercial and Specialty, WTW.
“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,” Mayers added.
Source: Willis Towers Watson
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