Hampden Risk Partners (HRP), a prominent Lloyd’s syndicate, is making waves in the underwriting world. Optalitix, an esteemed InsurTech firm, stands out for its advanced data analytics solutions.
Prior to their collaboration with Optalitix, HRP grappled with the lack of an all-encompassing underwriting system. The syndicate needed a platform aligning with Lloyd’s Pricing Maturity framework for their 2023 strategy, and one that could flawlessly blend Excel models into the cloud while integrating external datasets.
Optalitix, founded in 2013, has garnered awards as a leading InsurTech entity providing software pricing solutions to top UK insurers, including the London Market, and also extending its services to the banking and healthcare sectors in the UK. Comprising a skilled workforce of over 50, including engineers, actuaries, and data scientists, Optalitix shines in transforming Excel spreadsheet models into coded, scalable, cloud-based products. Their products empower insurers to elevate pricing, streamline underwriting, enhance efficiency, and cut down costs. Additionally, they provide invaluable insights driving growth for insurance and finance sectors.
Hampden Risk Partners, as a principal Lloyd’s syndicate, is backed by Hampden Agencies, the largest capital supplier in the Lloyd’s market. HRP’s vision revolves around innovation and strategic expansion within the Lloyd’s sphere.
Optalitix Quote’s introduction to HRP has ushered in significant benefits. With precise controls for pricing, underwriting, and risk management that align with Lloyd’s standards, HRP has seen a 44% surge in capacity, facilitating a 15% dip in loss ratio, and setting the foundation for profitable strides in 2023 and 2024.
Hampden Risk Partners Active Underwriter Chris Sharp said, “Optalitix Quote enables us to price and analyse business in a consistent and auditable manner with the added governance that cloud-based systems provide. I was impressed by the speed of implementation as well as the extensive actuarial and insurance knowledge that Optalitix has brought to this partnership.”
Optalitix Co-founder and Director Dani Katz said, “Optalitix Quote was selected as the optimum solution to meet HRP’s underwriting needs and swiftly meet Lloyd’s requirements for their 2023 business plan. After initial design discussions, the Optalitix system was implemented in under two months, perfectly aligning with HRP’s 2023 planning timetable.”
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