Embedding pricing models in an underwriting workbench is a game changer
Optalitix’s underwriting workbench, Quote, stands out in the market thanks to its unique integration of rating models within the core system itself. Unlike traditional underwriting systems, the models are hosted in Optalitix’s model engine—Optalitix Models—on a robust and scalable Google Cloud Kubernetes platform. This means the calculation capacity adjusts automatically to meet demands, ensuring underwriters have a seamless, fully connected workflow with pricing models at their fingertips.
One of the greatest advantages of this approach is its flexibility. The pricing team can update models effortlessly without disrupting the underwriter’s workflow. This clear separation means that the pricing team can focus on maintaining accurate models, while underwriters can remain dedicated to their operational tasks.
Key Benefits for Insurers:
- Up-to-Date Pricing Models: New models are instantly deployed, ensuring underwriters always work with the latest pricing model and rates.
- Speedier Quote Issuance: Integrated data flows between the quoting system and pricing model reduce delays.
- Reduced Data Entry Errors: Removal of manual data transfers between pricing models and underwriting system minimises transcription errors, improving accuracy.
- Enhanced Model Sophistication: Using cloud capabilities, insurers can develop advanced models, such as reinsurance pricing scenarios or external data enhancements.
- Cost Savings: No need for additional systems; Optalitix Models is included within Optalitix Quote, covering both underwriters and pricing teams.
- Consistent Data: A single, centralised source for model versions ensures governance and reduces pricing errors.
Incorporating Optalitix’s Quote enables insurers to streamline underwriting, reduce operational costs, and improve pricing accuracy, all while maintaining the agility needed to adapt to market changes.
