Insurance Pricing Model Monitoring

Optalitix announces a significant upgrade to its flagship product

Optalitix has announced a significant upgrade to its flagship product, Optalitix Models, with the launch of a new feature: Model Monitoring.

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Monitor models in real time

The new capability provides real-time tracking of insurance pricing models, giving insurers greater visibility into model usage, accuracy and reliability. Optalitix has also upgraded its underlying modelling system, increasing model performance speed by 70%.

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Earlier insight into model performance

Model Monitoring enables Optalitix to proactively monitor model health and performance. It can help identify errors and unusual usage patterns, highlight opportunities for optimisation and provide insurers with greater oversight of their model estate.

The capability will initially be used by Optalitix to monitor client model performance, providing earlier insight into model health. Clients will be able to access Model Monitoring on a self-service basis from July.

“This change is groundbreaking for our clients, giving them far deeper insight and awareness of the performance of their entire model estate. There are no other trackers in the market like this that enable insurers to monitor their Excel, Python, R, and other pricing model performance.”

Ricky Jayes, Product Manager for Optalitix Models.

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A clearer view across the model estate

With Model Monitoring, insurers will gain access to dashboards that provide:

User activity insights showing model usage trends and helping teams monitor model updates and uploads
Performance comparisons across model versions to identify optimisation opportunities
Proactive alerts and support triggers that help teams respond when issues arise

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Monitor models after deployment

Previously, clients had no single way to monitor models once they had been deployed. Optalitix Models can now track any model type in real time, giving teams greater visibility and oversight of how models are being used and performing.

This can support faster quote generation, more accurate pricing and better-informed underwriting decisions.

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One place to monitor multiple model types

“We believe the inclusion of a single source for model monitoring for insurers’ entire model estate, including their Excel, Python, and R models, is a world first. Optalitix is committed to providing groundbreaking technology to help insurers manage their advanced model estates.”

Dani Katz, Founding Director of Optalitix.

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Built into Optalitix Models

The capability uses Google Cloud’s latest system tracking technologies, integrated directly into the Optalitix Models platform. Model Monitoring will be available to existing clients without additional setup.

Optalitix Models and Optalitix Quote help insurers deploy, manage and evolve pricing models while improving visibility, governance and scalability across the pricing process.

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