WTW (NASDAQ:WTW) announced the launch of new price inflation forecasting technology for auto insurers in the United Kingdom. The tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW. The technology has been developed to predict inflationary effects on vehicle repair costs for multiple vehicle categories, with unparalleled granularity, as validated on historical data.
Traditionally, insurers and underwriters have used a single inflationary figure across the board for predicting the future cost of vehicle repairs. However, the UK vehicle population has never been more complex, with the
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