Optalitix Quote enables underwriters using spreadsheets to improve their pricing processes
- The Optalitix new cloud product is designed for underwriters that use spreadsheets to set their pricing.
- Optalitix understand the reason spreadsheets are more usable than any other type of system, and were determined to retain that usability while addressing the shortcomings of spreadsheet use.
- An understanding of the pain that a pure spreadsheet driven process creates:
- Lack of data on pricing from spreadsheets makes it harder to track and improve the pricing process
- Too much data capture in the process as spreadsheet are independent of other systems, creating extra work, reducing quoting capacity and increasing data errors
- Spreadsheet usage and changes are difficult to track, resulting in possible errors and increasing regulatory concern and capital required for pricing.
- Optalitix Quote ensures companies using spreadsheets to price are able to use cloud computing tools:
- Reduce pricing risk by with greater oversight of the quote and underwriting process.
- Increase profit by gaining a pricing advantage using their Improved insight with pricing data
- Reduce cost and increase quotes issued with boosted efficiency from their pricing process.
Improve pricing oversight and reduce regulatory risk with Optalitix Quote
| What does Quote do | What are the benefits? |
| Dashboards track activity in real time | Allows better management of pricing, reducing risk of loss and improving profitability |
| Regulatory reporting, including to Lloyd’s and the FCA, is quicker and easier to do as data is available from core pricing models | Lower cost of reporting and more accurate reports allow enable reduced capital requirements |
| Aggregate risk exposure monitoring in real time, with earlier identification of catastrophe exposure | Ensures pricing adapts to over exposure by informing underwriters or preventing risks from being quoted. |
| Model versions are maintained, and usage of models is tracked in the data | Improved profitability due to fewer pricing errors |
| Tracking of risks allows better use of capital, ensuring quote are prioritised based on risk appetite | Improved capital efficiency -> more profit for a given level of capital |
| Better data improves regulatory confidence | Lower regulatory capital |
| Improved reporting data result in better pricing management | Improved profits and more efficient operations |
| Oversight of pricing allows earlier identification of catastrophe cost impacts, improving response time | Reduced risk of loss due to lower exposure to catastrophes |
Increase profit using the insight from Optalitix Quote
| What does Quote do | What are the benefits? |
| All quotes are tracked in the data rather than just bound quotes | Improved profitability due to earlier insight and more quote information |
| Brokers can be managed better as full quote data at a broker level is available | More sales from trusted brokers, reduced risk from unprofitable brokers |
| Capital can be reduced based on actual quotes activity and expected risks being bound | More risks for a given level of capital |
| Quote activity can be actively managed based on risk appetite | Better risk profits due to better risks being written |
| Resources allocated more effectively to the process | Reduced operational cost |
| Early identification of risks being bound allow more informed actions | Better profitability |
| AI can be applied to the data as more risks are available | Improved risk and improved profitability |
| Market insight is greater due to better quote information | Lead market and improved pricing strategy |
| Quotes can be actively prioritised based on expected risk | Better profits, more profitable risks bound quicker |
| Additional services can be offered to customer such as VIP prioritised quoting | Better broker relationships |
Boost pricing efficiency – issue more quotes, reduce data capture costs
| What does Quote do | What are the benefits? |
| Single data input in quote, pricing and policy administration system | Reduced operational costs |
| Underwriter more efficient due to prepopulated quotes | More quotes issued per underwriter, less cost |
| Easier for underwriters to learn system due to embedded Excel | More quotes issued due to reduced downtime for system training |
| More efficient process can be introduced such as separating data capture from more expensive underwriting | Improved efficiency, lower cost |
| Quicker to implement system using existing models | Lower system build cost |
| Quicker to update system by existing underwriters | Lower system maintenance cost |
| Renewal pricing is more efficient as historic pricing data can be stored | Quicker quote issuance leading to lower operational cost |
| More accurate data processing due to data flow all the way through | Quicker processing of data, fewer checks needed, better quality data |