WTW has established a data science consultancy unit within its Insurance Consulting and Technology business to help insurers extract greater value from data science and machine learning. The creation of the unit formalises WTW’s capabilities in this area.

Mani Heer (pictured), 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.”

Share Story: