InsurTech specialist Optalitix has announced a partnership with Pool Re, the UK’s largest terrorism reinsurer, to develop a comprehensive treaty and claims management system.
The collaboration aims to implement an end-to-end management system using Optalitix’s Quote product, providing Pool Re with a more efficient method for writing new business, managing claims, and enhancing communication with its insurance members, according to FF News.
The new system, built on Optalitix’s Quote product, will enable Pool Re members to review quotes, bind treaties online, administer claims and financial transactions, and receive instant feedback on claims reporting.
Starting from 2025, the system is expected to handle approximately 150 terrorism quotes annually and manage claims information for certified terrorist events.
Optalitix, known for its data analytics solutions, and Pool Re, a mutual reinsurer for terrorism risk in the UK and an arm’s length body of HM Treasury, have joined forces to transform Pool Re’s reinsurance scheme.
The changes, set to begin in April 2025, will enable better negotiation with members and necessitate new processes.
Dani Katz, co-founder and director at Optalitix, said, “We are very excited to partner with Pool Re and enable such a critical and important UK organisation to help the insurance market deal with terrorism events. Our Quote product allows Pool Re to write business and to collect and manage the claims coming in afterwards with greater efficiency and governance, enabling Pool Re to improve their services to the insurance industry.”
Jonathan Gray, chief underwriting officer at Pool Re, also expressed enthusiasm for the partnership, stating, “We are delighted to partner with Optalitix to support our treaty and claims processes. After the recent vote approving new reinsurance arrangements from April 2025, we are confident that this system will allow Pool Re to digitally transact both pricing and contracts with our members.”
The new system is expected to be completed by the end of Q3 2024, with the first treaty quotes being issued in February 2025.
Discussions are ongoing about integrating additional systems within the Pool Re ecosystem and utilising enhanced features from Optalitix, such as geo-mapping and risk analysis.
Optalitix Quote is set to improve efficiency, streamline processes, and link quote and claims data for better reporting and usability by partner insurers.
Copyright © 2024 InsurTech Analyst
