The first quarter of 2024 has been a whirlwind of activity with significant new developments for Optalitix and our clients. We compiled the best articles and insights from the quarter in this email to help our readers learn how the latest technology can benefit their companies.
There were many significant milestones achieved. From enhancing our state-of-the-art products for clients to discussing the future of underwriting with Lloyd's CEO John Neal, we've been pursuing insurance innovation and seeing exciting growth in our industry as the London Market had its best year since 2007.
Our new products represent a significant step forwarding underwriting innovation. They offer new features to improve productivity for underwriters, increase functionality for pricing actuaries and boost insight for insurance executives.
We're also delighted to announce new partnerships with exciting new client offerings, including First Street (data enrichment) and Quantee (enhanced pricing offering including GLM pricing technology for retail insurer) with more partners on the way.
The success of our clients is always our first priority, and we are happy to see them grow and thrive as the insurance industry expands. We are also excited to welcome a number of new clients to Optalitix including Pool Re, Axa, Burns and Wilcox, Onda, Juniper, Ascot Finance and Optima Mayores.
For anyone interested in pricing, underwriting and digital transformation, there is a lot of insight to be gained about underwriting workbenches, from our Ways of the Workbench series to our webinars and podcasts, there is something for everyone interested in underwriting.
It's been an extraordinary period, and we are keen to share the insights learnt along the way as the industry undergoes a period of fundamental technological change.
We were very excited to launch our Learn Ways of the Workbench Campaign. In this five-part series, we explore the emerging science of underwriting, pricing and workbenches and the pivotal role they play in shaping future risk management strategies for insurers, enabling continued profitable growth in 2024 and beyond.
From enhanced risk management to custom underwriting work flows, learn why these tools are essential in navigating today's dynamic risk landscape and a necessity for competing in a changing insurance world.
Optalitix, the specialist data analytics solutions provider, announces that Juniper, a new reproductive health insurance provider, has selected ‘Optalitix Models’ to ensure fast, accurate quotations and a seamless service to brokers promoting its new offering to the market. Find out more
In February we hosted a business breakfast briefing at Lloyd's of London. The room was full with over 100 people keen to hear John Neal, CEO of Lloyd's. We are especially grateful to John and Matthew Grant, CEO of InsTech, for their fascinating conversation about the Future of Underwriting.
Some important themes emerged from John’s wide-ranging and open discussion that highlighted the excitement emerging in the London Market:
- The Lloyd’s market is growing and is looking to double in size.
- Technology is changing the market and the products offered, with data being the key. Blueprint Two will transform the market with faster data flows, potentially expanding the market even further.
- Lloyd’s is looking for more large multinational insurer to enter the market - John is going "big game hunting" to expand the market capacity even further.
It was an incredibly engaging discussion and fascinating insight into the working of the biggest insurance marketplace on the planet!
Our new product launch offers clients a significant improvement in productivity, efficiency and insight. The latest release of Optalitix Models now runs up to 30 times faster and Optalitix Quote’s new Flow technology enables flexible underwriting workflows that simplify underwriter rollout and speed up system implementation.
Our existing underwriting workflow templates will improve underwriting efficiency and are quick to implement. Using Flow, we can now customise them to meet insurer’s specific needs quickly and easily.
The new Risk Vision dashboards offer clients deep insight into their risk exposure in real-time, enabling real-time risk portfolio management and optimisation.
Optalitix Quote brings disparate pricing and underwriting systems together with exciting new features such as portfolio projections, geo-mapping, and smart quote triaging to help insurers underwriting departments become future-ready. Read more
To kick off Insurtech Insights Europe 2024, we teamed up with Quantee and hosted a fun event, with virtual clay pigeon shooting at Clays Bar in the city. The event was well attended and it was a great opportunity to network with like-minded people.
The Insurtech Insight conference (the biggest in Europe) took place over two days at the Intercontinental Hotel near the centre in London. It was fantastic to see so many familiar faces and make new connections. The energy over the two days was electric and it was inspiring to have so many professionals from across the insurance industry under one roof. Over the two days, we met over 200 people and saw how the may exciting technology changes coming to the industry will be changing insurance in the future.
Our Co-Founder and Director, Dani Katz, took part in the InsTech webinar on underwriting with other providers in a conversation moderated by Robin Merttens from InsTech. The speakers gave their views about the latest trends in insurer workflows for 2024.
This was followed up by a report issued by InsTech which is a guide to partner selection and implementation, with insights and case studies from those who have adopted workbenches.
This report will help you to:
- Distinguish between underwriter workbenches offered by technology companies.
- Understand how workbenches connect to other technologies including submissions ingestion and policy administration.
- Learn implementation best practices from early adopters.
Dani’s actuarial experience and passion are key. He is a strong advocate of innovation, optimism and communication, both within the team and for the clients. Dani’s ability and experience with data ensure that we always maximise value and efficiency for every project, enabling us to unlock hidden value for the clients business.
