Optalitix Quote enables underwriters using spreadsheets to improve their pricing processes

-The Optalitix new cloud product is designed for underwriters who use spreadsheets to set their pricing.

-Optalitix understands 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 spreadsheets 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 concerns 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.

What does Quote do?

Improve pricing oversight and reduce regulatory risk with Optalitix Quote

- Oversight of pricing allows earlier identification of catastrophe cost impacts, improving response time reduced risk of loss due to lower exposure to catastrophes.

- Dashboards track activity in real-time, this allows better management of pricing, reducing the 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 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 improving 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 Improves reporting data results and better pricing management Improves profits and more efficient operations.

- Oversight of pricing allows earlier identification of catastrophe cost impacts, improving response time a risk of loss due to lo to catastrophes.

What are the benefits?

‍Increase profit using the insight from Optalitix Quote

- All quotes are tracked in the data rather than just bound quotes improve 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 for 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 customers such as VIP prioritised quoting

= Better broker relationships

‍Boost pricing efficiency – issue more quotes, reduce data capture costs

- 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 underwritersLower 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