Pool Re partners with data analytics firm | Insurance business America
A more effective contract and claims management system is on the way
reinsurance
By Noel Sales Barcelona
Data analytics provider Insurtech Optalitix has announced a partnership with Pool Re, the UK’s largest state-backed counter-terrorism reinsurance company, to implement a new end-to-end contract and claims management system with full auditability and improved reporting.
The new system, based on Quote, a program developed by Optalitix, is intended to provide Pool Re with a more effective way to close new business, manage claims and communicate with its insurance members.
“We are delighted to be working with Pool Re and enabling such an important and important UK organization to support the insurance market in dealing with terrorist events,” said Dani Katz (pictured), co-founder and director of Optalitix.
“Our Quote product enables Pool Re to complete deals and subsequently collect and manage the claims they receive with greater efficiency and governance, enabling Pool Re to improve its services to the insurance industry.”
This step allows Pool Re members to review quotes and complete their contracts online, manage claims and financial transactions, and receive instant feedback on claims. Pool Re also stated that the new system will provide and link policies to around 150 terrorism offerings starting in 2025 using Optalitix’s Quote product. The system also captures damage information if certified terrorist events occur.
Additionally, both parties expressed confidence that the measure will increase efficiency, streamline and link quote and claims data to improve reporting and simplify use by partner insurers.
“We are pleased to partner with Optalitix to support our contract and claims processes. Following the recent vote to approve new reinsurance arrangements from April 2025, we are confident that this system will enable Pool Re to process both pricing and contracts with our members digitally,” said Jonathan Gray, Chief Underwriting Officer of Pool Re (pictured) .
Completion of the new system, meanwhile, is scheduled for the end of the third quarter of this year, with the first contract offers to be sent out in February 2025.
Integrations with other systems within the Pool Re ecosystem are now being discussed.
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2024-05-31 13:00:00
www.insurancebusinessmag.com
