WTW, a leading global advisory, broking and solutions company, has 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 digitisation, automation and better use of data.
Neuron is an end-to-end trading solution with the capability to connect multiple broker and insurer systems together, 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 unrivalled market-wide connectivity and easier access to the market. 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.
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.”
Neuron celebrates its global launch at RISKWORLD, the RIMS 2023 annual conference in Atlanta. Today’s announcement also follows the recent launch of the WTW Broking Platform, a new digital trading solution that streamlines the process to enable real-time transactions for both WTW and carriers.