Transforming Pool Re’s Reinsurance Scheme - Revolutionary new digital treaty and claims management system built by Optalitix in just 6 months
Pool Re adopted Optalitix Quote, a powerful out-of-the-box solution that delivered everything they needed to revolutionise their quoting process, streamline claims management, and provide insurers with seamless digital access.
About Pool Re:
Pool Re are the UK’s largest terrorism reinsurer, trusted by over a hundred insurers, and globally recognised as the leading experts in terrorism risk financing. Their mission is to provide financial protection against the risk of terrorism and enhance the resilience of the UK economy. They protect £2 trillion of assets and businesses of all sizes.
Challenge: Pool Re's existing system needed to be digitised, while ensuring a speedy and easy changeover for insurers buying reinsurance cover.
Pool Re's process was encumbered by manual data entry, a constant exchange of emails, and a separation between treaty and claims systems. They needed to improve the efficiency of their quote and claims process to:
· Streamline quote issuance, claims assessment, and tracking
· Provide insurers with access to their quotes and policy information online
Solution: Optalitix Quote - the perfect end-to-end treaty and claims management platform
Optalitix Quote’s flexible pricing capabilities utilised Pool Re’s specialised pricing models to enhance pricing accuracy and performance, enabling Pool Re to quote and bind reinsurance policies. The integrated Flow technology built into Quote ensures that any operational workflow can be easily configured for a client, including intelligent workflows linked to external models.
- Ensures trusted system uptime, seamless quote acceptance (using DocuSign capabilities), and seamless integration to Pool Re’s CRM
- Provides significant flexibility to match Pool Re's own underwriting processes
- Eliminates redundant data capture
- Incorporates complex governance and audit requirements to track actions and information provided to clients, a vital component due to the size of the potential claims and the risk involved
- Enables quick settlement of claims
- Integrates with Pool Re’s finance system to ensure easier premium collection and accounting
- Analyses claims and provides MI following any terrorist attacks
Value: Pool Re have gained enormous efficiency benefits, along with auditability and reportability on quotes issued and the cost of events
A reliable, fast and integrated digital system gives enormous value to Pool Re given the large number of customers it covers and the number of quotes it issues, as well as the significant impact a terrorist event could have on insurance claims. It is a vital tool to improve the resilience of the UK insurance system to terrorist attacks.
The system:
- Removes large quantities of dual quote capture
- Streamlines the quote process and links all the data available for improved reporting and ease of use
- Includes DocuSign integration
- Integrates directly with Pool Re’s finance system to ensure seamless premium issuance and collection, and a system of record for companies covered
- Includes geo-mapping capabilities, dashboards and client portals to improve quote administration and give far more insight on terrorist events to Pool Re, its insurers and the UK government (which is the ultimate guarantor for Pool Re’s capital)
“Since launching the new system, our team has been able to digitally transact both pricing and contracts with our members smoothly and efficiently. “ Jonathan Gray - Chief Underwriting Officer at Pool Re
Create a claims triage system using Excel logic
With claims, departments need to be able to filter out valid claims and pay them quickly amongst other tasks. See how Excel helps make a claims triage system.
Boost sales with an insight sales model
Generating sales will often cost time and money, particularly in the insurance sector. Learn how smart tools can help manage costs using Optalitix Models here.
Create a claims forecasting system
Calculating claims is vital for insurers as it can take months or even years for the claim payments after an insurance event to emerge. Learn more now.
Create a pricing application from a spreadsheet pricing model
When setting a price for a new product, the starting point is almost always Excel. Find out how to create a pricing application from a spreadsheet pricing model here.
Optalitix Models Use Cases
Insurance often involves using pricing models in spreadsheets. Use Optalitix Models to simplify processes by transforming these spreadsheets into a system.
Is the future of Lloyd’s algorithmic? - Part 2
Smart Follow underwriting and the algorithmic technology will bring a revolution of improved pricing and lower costs to insuring large and complex risks.
Is the future of Lloyd’s algorithmic? - Part 1
Take a look at a report that considers the impact of algorithmic underwriting on Lloyd’s and the London Market where complex risks are often underwritten..
Optalitix and Almagro Capital announce a new partnership that provides Almagro Capital with a rapid online quoting tool for its forthcoming expansion
Optalitix and Almagro Capital have agreed to partner to create improved pricing tools for Almagro and its brokers. Read more about their partnership in here.
The emergence of digital exchanges in the London Insurance Market
The Optalitix team were invited to contribute to a discussion where the digitisation on the underwriting process for the London Market. Read our insights here.
Iotatech and Optalitix announce the successful integration of their products providing significant added value to Iotatech’s clients
Iotatech and Optalitix are pleased to announce the successful integration of their platforms aimed at creating added value for clients of the Iotatech Platform.
Case Study: Catastrophe Reporting - Lloyd's of London
Learn how the London market could benefit from greater levels of digitisation and automation by converting data into cloud-based systems using low code software
Verto syndicate 2689 and Optalitix announce partnership - Press Release
Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, and Optalitix, an award-winning Insurtech company providing SaaS software to leading UK insurers.
FCA disrupts the insurance market
The FCA has changed the game for more established players in the insurance sector with its significant gear change in pricing for insurance business. Read more.
Optalitix Quote, the innovative new product for underwriters
Optalitix Quote is a new cloud product that enables underwriters using spreadsheets to improve their pricing processes. Learn more about it in this handy guide.
Insurance innovation – what will 2022 bring?
What might we expect for insurance in 2022? From digital insurance marketplaces to wellness products and profitability, read our predictions and more.