Specialist data analytics solutions provider, Optalitix has partnered with British terrorism reinsurer Pool Re to implement a new, end-to-end treaty and claims management system with full auditability and enhanced reporting.
Pool Re is the insurance industry’s mutual for reinsuring terrorism risk in the UK and an arm’s length body of HM Treasury.
The transformation of its reinsurance scheme is due to start in April 2025. It will allow for greater negotiation with members and requires new processes; it is hoped this system will support Pool Re in this transformation.
The new system was created to provide a more efficient way for the reinsurer to write new business, manage claims, and communicate with its insurance members, the insurtech explained.
It will allow Pool Re members to review quotes and bind their treaty online, administer claims and financial transactions, and get instant feedback on claims reporting.
Moreover, by using Optalitix’s Quote product, the new system will provide and bind policies for over approximately 150 terrorism quotes from 2025 onwards, as well as capture claims information should certified terrorist events occur.
“We are very excited to partner with Pool Re and enable such a critical and important UK organisation to help the insurance market deal with terrorism events,” said Dani Katz, Co-founder and Director at Optalitix.
Adding: “Our Quote product allows Pool Re to write business and to collect and manage the claims coming in afterwards with greater efficiency and governance, enabling Pool Re to improve their services to the insurance industry.”
The new system is scheduled for completion at the end of Q3 2024 with the first treaty quotes being sent out in February 2025.
Integrations with additional systems within the Pool Re ecosystem are being discussed, as well as making use of some of Optalitix’s enhanced features, such as geo-mapping and risk analysis.
Jonathan Gray, Chief Underwriting Officer at Pool Re, commented: “We are delighted to partner with Optalitix to support our treaty and claims processes. After the recent vote approving new reinsurance arrangements from April 2025, we are confident that this system will allow Pool Re to digitally transact both pricing and contracts with our members.”
