Collaboration of WTW with Klarity Enhances Pricing Precision
Willis Towers Watson (WTW), a leading global advisory, broking, and solutions company, has partnered with Klarity to revolutionize life insurance underwriting. This collaboration leverages Klarity's advanced wearable data analytics and WTW's global insurance expertise, aiming to improve underwriting precision and customer experience [1].
Klarity's new risk scoring tool, developed with over 12 years of health data, incorporates individual-level metrics such as physical activity, heart rate, and sleep patterns tracked by wearable devices. WTW's analysis found that this model can more clearly identify individual mortality risk profiles, providing a more accurate prediction than traditional underwriting metrics like cholesterol or BMI [2].
The collaboration has also led to the integration of Klarity's wearable health data into WTW's Gemini platform. This innovation offers faster underwriting with automated capacity and pricing discounts for insurers, enhancing customer engagement by streamlining processes and offering more competitive life insurance products [3][4].
In addition, WTW has launched the latest market-leading version of its pricing software, Radar 4.14. This new version features a fully integrated Python capability, allowing for more advanced pricing capabilities within a single platform [5]. WTW has also partnered with BUPA UK to use Radar Live as their lead pricing platform for health insurance.
Sapiens, a leading global provider of software solutions for the insurance industry, is set to join WTW's Insurance Technology Partner Network. The collaboration between WTW and Sapiens will deliver an integrated solution comprising Radar Live and Sapiens' software, enhancing real-time pricing and speed to market for insurers [6].
The use of wearable technology and data in the life insurance industry presents a unique opportunity to deliver more personalized outcomes. With over 92 million U.S. consumers projected to use smartwatches and other wearable technologies by 2029, analyzing data from these devices provides real-time insights that can help predict an individual's lifestyle and health risks [7].
By combining these advancements, WTW and its partners are driving the future of life insurance underwriting. The industry now has the power to offer more personalized, data-driven risk assessments and pricing, improving underwriting accuracy, and enhancing the customer experience.
[1] Willis Towers Watson and Klarity Partner to Improve Life Insurance Underwriting with Wearable Technology Data. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/willis-towers-watson-and-klarity-partner-to-improve-life-insurance-underwriting-with-wearable-technology-data
[2] WTW's Analysis Finds Klarity's Model Can More Clearly Identify Individual Mortality Risk Profiles. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/wtw-s-analysis-finds-klarity-s-model-can-more-clearly-identify-individual-mortality-risk-profiles
[3] WTW and Klarity Partner to Help Life Insurers Improve Pricing Accuracy Using Wearable Technology and Data. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/wtw-and-klarity-partner-to-help-life-insurers-improve-pricing-accuracy-using-wearable-technology-and-data
[4] WTW Launches Newest Version of Radar Software, Featuring a Fully Integrated Python Capability. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/wtw-launches-newest-version-of-radar-software-featuring-a-fully-integrated-python-capability
[5] WTW Partners with BUPA UK to Use Radar Live as Their Lead Pricing Platform for Health Insurance. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/wtw-partners-with-bupa-uk-to-use-radar-live-as-their-lead-pricing-platform-for-health-insurance
[6] Sapiens to Join Willis Towers Watson's Insurance Technology Partner Network. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/sapiens-to-join-willis-towers-watson-s-insurance-technology-partner-network
[7] The Life Insurance Industry's Opportunity to Harness the Power of Data. (2021). Retrieved from https://www.willistowerswatson.com/en/insights/2021/09/the-life-insurance-industry-s-opportunity-to-harness-the-power-of-data
- The collaboration between Willis Towers Watson and Klarity not only aims to revolutionize life insurance underwriting with advanced technology, but also seeks to incorporate health and wellness data from wearable devices for a more personalized approach in assessing mortality risk profiles.
- The integration of wearable health data from Klarity and WTW's insurance expertise, coupled with the use of advanced technology like Python for pricing, presents an opportunity to offer health-and-wellness focused life insurance products with improved underwriting precision and increased customer engagement.
