The announcement was made during a breakfast briefing held at Lloyd’s, featuring guest speakers John Neal, CEO of Lloyd’s, and Matthew Grant, partner of InsTech.
The announcement closely follows the recent collaboration between Optalitix and pricing InsurTech Quantee. The partnership aims to develop a solution enabling insurers to swiftly generate quotes for business on aggregator sites, facilitating easier and more cost-effective access to customers.
The latest release of updates boasts advancements that promise to catapult underwriting performance and stimulate growth within the insurance sector. With the implementation of Optalitix Quote’s innovative Flow technology, underwriting models can now execute operations up to 30 times faster. The speed enhancement is expected to streamline underwriting workflows significantly, offering underwriters greater flexibility and efficiency in their day-to-day tasks.
Moreover, insurance executives can leverage Optalitix’s Risk Vision feature to instantly access critical insights regarding exposures and outstanding quotes. This component furnishes essential metrics on operational performance and anticipates potential risk outcomes, serving as a command center for executives to make prompt, well-informed decisions without diverting underwriting teams from their core responsibilities.
Moreover, the introduction of the new Risk Vision dashboards embedded within Optalitix Quote provides underwriters with deeper insights into risk assessment and outstanding quotes. These enhanced analytical tools are poised to empower underwriters, actuaries, and executives alike, equipping them with the necessary resources to make informed decisions and drive profitability.
Optalitix, renowned for its collaboration with Lloyd’s and major insurers, has already established itself as a trusted provider of cutting-edge solutions, facilitating the underwriting of billions of pounds’ worth of premium.
“Optalitix is already recognised by Lloyd’s and major insurers for its market-leading products, which enable insurers to manage risks better, with pricing models that boost underwriting performance, increase efficiency, and reduce costs. This latest launch of Optalitix Quote takes these capabilities to the next level, giving our clients a powerful competitive edge,” said Dani Katz, Co-founder and Director of Optalitix
Greg Gwilliam, Head of Insurance Platforms at Optalitix, added: “With Optalitix Models as their pricing engine, actuaries can build and host models in Python, Excel, R, or any other API-enabled platform. It offers simple integration and requires no additional coding to get models running up to 30 times faster.”
