Underwriting workbench

The headline stats

<
5
mins
Time to deploy models
80
%
Est reduction in dev cost
>
15
Lines of business covered
>
10
x
Estimated ROI

Better pricing

Optalitix Quote allows companies to boost their pricing effectiveness by connecting to external data enrichment services, providing geomapping capabilities, reducing risk concentration and enabling data analysis. Insurers like Dale, Hampden Risk Partners, Yulife and Onespark use Optalitix Quote to enhance their pricing across multipe business lines.

Boost efficiency

Optalitix Quote boosts your underwriting efficiency, allowing companies to issue more quotes. It speeds up the pricing process by integrating with quoting systems, pricing models and insurance administration systems, ensuring data is only input once. Pricing operations are tracked and pricing controls are flexibly applied.

Use your Excel models

Optalitix Quote is the only underwriting workbench that allows underwriters to embed their existing Excel pricing models in a no-code solution, reducing the system development time and the speed to market. It takes only 5 minutes to upload your pricing models to the system which speeds up model deployments and updates.

Reduce loss ratio and expense ratio

The impact of this type of pricing modernisation can reduce both claims and expense loss ratios, especially for companies that are only using Excle, and are not yet using modern cloud infrastructure. The claims improvement is caused by loss avoidance, reduced risk concentration (as risk exposure can be measured in real time) and improved risk governance due to quote and sales dashboards.

High return on investment

Using an underwrtiting workbench platfrom like Optalitix Quote significantly reduces the cost of system development as the platform cost is "shared" by multiple insurance providers. In addition, the platforms experience continual improvements as new features are added. The result is a return on investment (ROI) that is well in excess of 10x.

Benefits

  • Better pricing using enriched insights and geo and risk system integrations.
  • Enhanced efficiency increases quote volumes while maintaining oversight.
  • Get an ROI¬†greater than 10x the software investment.
  • Capitalise on your existing investment in Excel pricing models, as well as other models.
  • Reduce loss ratios and boost profitability.
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Use cases

Underwriting workbench

Time to deploy models
<
5
mins
Est reduction in dev cost
80
%
Lines of business covered
>
15
Estimated ROI
>
10
x
See how we do it

Mortgage Lending Portal

Loans issued to date
£
7
bn
Existing brokers integrated
6000
Reduction in development cost
70
%
Loans issued
>
25000
See how we do it

Recommendation Engine

Consumers expecting personalisation
71
%
Ecommerce companies using personalisation
74
%
Potential uplift in sales
50
%
Time to deploy models
3
mins
See how we do it

Fraud Detection

Time to build fraud model
1
day
Time to deploy fraud model
5
mins
Annual UK insurance fraud
£
1100
m
Spend on insurance fraud
£
200
m
See how we do it

Calculate Sales Probability Using AI

Increase in sales
50
%
Leads leading to 80% of sales
20
%
Accuracy
>
70
%
Increased sales efficiency
40
%
See how we do it

Forecast clinic attendance

Accuracy of predictions
80
%
Reduced non-attendance
30
%
Speed of response
<
100
ms
System scalability (nr of calcs)
>
100
m
See how we do it

Optimising green energy utilisation

Increase in battery efficiency
15
%
Speed of response
<
50
ms
Scalability (nr of calcs)
>
100
m
Time to update model
<
3
minutes
See how we do it

Optimise clinic bookings

Increase clinic utilisation
20
%
Boost in profitability
50
%
Update time
3
minutes
Clinics using system
30
See how we do it

Credit calculator

Reduction in development time and cost
90
%
Avg model response time
<
100
ms
Scalabilty (nr of calcs)
>
4
m
Loans issued to date on the system
£
7
bn
See how we do it

Company calculators

Reduction in run time for batch calculations
90
%
Models hosted
>
5000
API calculations
>
4
m p.a.
Calculation nodes available
>
20
See how we do it

Create online pricing system

Time to deploy pricing model
<
5
mins
Scalability (nr of calcs)
>
100
m
Calculation speed
<
100
ms
Quotes processed
>
95
mil
See how we do it

Innovation in finance and banking

Loans issued p/a
> £
1
bn
Reduction in system build cost
80
%
Scalability
>
4
m p/a
UK brokers connected
>
6000
See how we do it

Insurance policy validation

Reduction in development time and cost
90
%
Number of database calls
>
100
m
Single hosted platform for all policy validations
1
platform
Security Certificates
ISO27001
& CyberEssentials
See how we do it

Improve your efficiency and reduce costs today