​Optalitix

Cohort: Cohort 4, 2020 

Focus in insurance value chain/workflow: Point of Underwriting, Compliance & Regulatory Support 

Specific lines of business supported: Corporate

Founded: 2013 

Status: Operating, still in insurance 

Company type: Administration System, Software Provider 

Head office: United Kingdom 

Main global offices: United Kingdom 

Locations served: Global 

Employee count: 11-100 

Optalitix is an award-winning software provider, that offers a no-code pricing and underwriting platform for global insurers, reinsurers, MGAs and lenders. It converts Excel, Python, and R models into cloud-hosted APIs within minutes, enabling compatibility with advanced tools like reserving models and claims simulations, and enhancing efficiency and innovation in pricing and underwriting.

Our products are easy to use. They enable insurers and lenders to manage risks better, with pricing models that can be used everywhere to boost pricing, improve underwriting performance, increase efficiency, and reduce costs.

The company's achievements have been recognised by various prestigious programmes, including the Fintech Innovation Lab, Lloyd's Lab, Mass Challenge, and Oxbow Insurtech 25, as well as winning a number of prestigious industry awards.

Primary way aimed to improve insurance processes and tools whilst in the Accelerator: Improving UW tools and processes I Enhancing back-end data efficiencies

Optalitix created a proof-of-concept version of their data collection product. This Catastrophe Reporting Portal aimed to reduce the time taken by insurers to report on and share catastrophe data. After the Accelerator, Optalitix was authorised by Lloyd’s to create a full-build version of this in October 2020.

This is now known as the Lloyd’s Reporting Portal and has been expanded to validate data from catastrophes in Asia Pacific, Complaints and policy counts globally and International Payments and taxation in Europe. It now covers Hurricanes, Wildfires, Floods and Earthquakes.

The platform has reported on over $6bn of catastrophe claims globally for over 180 insurers, coverholders and TPAs helping to improve post-catastrophe recovery. It has saved Lloyd’s 40,000 hours in data administration time, and as a result, 17 million policies have been bound.