LONDON, October 29, 2024 — WTW (NASDAQ: WTW), the world’s leading advisory, broking and solutions company, is launching ResQ, a game-changing technology for insurers and reinsurers. We announced the launch of Machine-led Reserving. Reservation of damages.
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ResQ’s machine-driven reservations provides faster and more accurate results, allowing reservations teams to focus on what matters. ”
Tina Gwilliam | Global Propositions Leader for WTW Reservations and ResQ
Tina Gwilliam, Global Proposition Leader, Reservations at WTW, said: “The insurance industry has long faced the challenge of expensive, infrequent and less granular analysis for financial reporting. ResQ Machine-led Reserving provides faster and more accurate results, so reservations teams can Focus where it matters and gain insights to support broader business needs.”
ResQ Machine-led Reserving uses a proprietary algorithm that optimizes the core reservation methodology of ResQ, WTW’s industry-leading loss reservation solution, to provide fully automated and independent loss estimates at the push of a button. Create.
Backtesting of ResQ machine-driven reservation predictions against actual historical human-selected best estimates shows that both the accuracy and stability of the estimated ultimate values improve, significantly outperforming human practitioners alone. showed good performance.
The predictions are based on traditional techniques, so you can fully understand the results and easily adjust them if necessary. The ability to quickly adapt to changing business needs gives ResQ Machine-led Reserving users the confidence to scale to greater complexity, granularity, and frequency without losing control or interpretability.
Tina Gwilliam said: “ResQ Machine-led Reserving is transforming the way leading insurance companies operate by accurately and transparently predicting ultimate loss. It empowers reservations teams to deliver higher value. , which introduces algorithmic booking for pricing and portfolio management capabilities.”
About insurance consulting and technology
WTW’s insurance consulting and technology business serves the insurance industry with a powerful combination of advisory services and cutting-edge technology. Our mission is to innovate and transform insurance, delivering solutions that help our clients better select, finance and manage risk and capital.
We work with customers of all sizes around the world, including most of the world’s largest insurance groups. More than 1,000 customer companies on six continents use our professional insurance software. With more than 1,700 employees in 35 markets, we continually strive to be the insurance industry’s partner and employer of choice.
About WTW
WTW (NASDAQ: WTW) provides data-driven, insight-driven solutions in people, risk and capital. Serving 140 countries and markets, we leverage the global perspective and local expertise of our colleagues to help organizations sharpen strategy, strengthen organizational resilience, motivate employees, and improve performance. We will help you maximize it.
We work side-by-side with our clients, identifying opportunities for sustainable success and providing a perspective that moves our clients.
