​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 improves underwriting and risk management for insurers. Its operational products include an underwriting workbench that allows users to manage risk more effectively and a data analytics tool for improving data accuracy and understanding risk. Its products are hosted on a no-code administration system that can be integrated with any other system. Optalitix allows users to host any existing Excel, Python or R model in their products and connect using APIs and web forms. 

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 product 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, going on to help Lloyd’s save 13,000 hours in data administration time. Its platform has reported on over $6bn of catastrophe claims globally for 187 insurers, coverholders and TPAs helping to improve post-catastrophe recovery.