Optalitix, a specialist data analytics solutions provider, has joined forces with Pool Re, the British terrorism reinsurer, to implement a comprehensive treaty and claims management system aimed at enhancing operational efficiency, auditability, and reporting capabilities.
As the insurance industry’s mutual for reinsuring terrorism risk in the UK, Pool Re operates as an arm’s length body of HM Treasury. The transformation of its reinsurance scheme is scheduled to commence in April 2025, facilitating improved negotiation with members and neces
sitating the adoption of new processes. Optalitix’s end-to-end system is poised to support Pool Re in this transformative journey.
Designed to streamline the reinsurer’s operations, the new system will facilitate the writing of new business, claims management, and communication with insurance members. Through Optalitix’s Quote product, Pool Re members will have the capability to review quotes, bind treaties online, administer claims and financial transactions, and receive instantaneous feedback on claims reporting. Additionally, the system will enable the issuance and binding of policies for approximately 150 terrorism quotes annually from 2025 onwards, alongside capturing claims information in the event of certified terrorist events.
Dani Katz, Co-founder and Director at Optalitix, expressed enthusiasm about the partnership with Pool Re, emphasizing the critical role of supporting such a vital UK organization in managing terrorism events. Katz highlighted that Optalitix’s Quote product will enhance Pool Re’s efficiency and governance in writing business and managing claims, ultimately enabling Pool Re to enhance its services to the insurance industry.
The new system is slated for completion by the end of Q3 2024, with the issuance of the first treaty quotes scheduled for February 2025. Discussions are underway regarding integrations with additional systems within the Pool Re ecosystem, and the exploration of Optalitix’s enhanced features, including geo-mapping and risk analysis.
Jonathan Gray, Chief Underwriting Officer at Pool Re, expressed delight at the partnership with Optalitix, emphasizing the importance of the new system in supporting Pool Re’s treaty and claims processes. With the approval of new reinsurance arrangements from April 2025, Gray expressed confidence that the system will enable Pool Re to digitally transact pricing and contracts with its members effectively.