Insurtech Optalitix has expanded its pricing platform, Optalitix Quote, to serve the reinsurance market, adding tools to model treaty and facultative quotes, manage data, and streamline pricing workflows.
The platform, already adopted by insurers and MGAs, is now in use by reinsurers. Pool Re, one of the first to implement the system, reported binding more than £250 mn of business within its first three months.
Previously, its quoting relied heavily on manual steps, which Optalitix Quote has automated.
The reinsurance-focused upgrade allows users to upload and analyse historic treaty data, generate claims models and IBNR projections, and test pricing scenarios across different structures.
The expansion is tailored for reinsurers offering a host of new capabilities that include:
- Claims and premium ingestion: upload, validate and analyse historic treaty data using intuitive dashboards across multiple dimensions (e.g. by year, region, risk type)
- Claims modelling: generate IBNR projections and simulate losses using claims distributions to enable better pricing of non-proportional cover.
- Dynamic pricing tools: estimate premiums for diverse reinsurance structures using advanced modelling options, enabling more “what if” scenarios.
- Underwriter-ready outputs: produce visual, easy-to-use reports to support negotiation and decision-making by underwriters.
- Embedded analytics: store all quote data in accessible analytics databases for analysis, and integrate data with AI tools.
Outputs are designed to be more accessible for underwriters, with reporting tailored to support negotiations and decision-making.
Data captured through the system is stored in a format that can be linked with external platforms, including AI-driven analytics.
Additional integrations include mapping and natural catastrophe data to strengthen risk assessments, and API connections to simplify quote ingestion. Optalitix said these enhancements are designed to reduce complexity, improve consistency, and create a single environment for reinsurance pricing.
“The new reinsurance features are a game changer for reinsurers,” said Dani Katz, co-founder of Optalitix.
The flexibility and connectivity of the platform enable reinsurance pricing on a single platform, ensuring models and data are stored in a way that provides greater insight and oversight into the pricing process.
Dani Katz, co-founder of Optalitix
Founded in 2013 and headquartered in London, Optalitix builds no-code, cloud-based software that accelerates pricing and underwriting for insurance and finance firms. The name combines “optimisation” and “analytics,” reflecting the company’s focus on data-driven performance enhancement.
Optalitix secured a $3 mn follow-on funding round in September 2024, led by existing investor Calculus Capital with participation from 24 Haymarket and others. This injection brought its total capital raised to $8 mn
The funding proceeds will be used to further accelerate product innovation and support the execution of Optalitix’s ambitious expansion plans.
Digital transformation is now the top priority for many insurance organisations, worldwide. Technology spending is forecast to grow by more than 25% by 2026 as solutions that address the most urgent pain points become more important to maintain competitiveness and build market share.
Optalitix has gone from strength to strength, partnering with major UK insurers by providing leading software pricing products that improve underwriting performance, drive operational efficiency and support business development.
Optalitix is perfectly positioned in a market where digital transformation is driving more effective pricing and underwriting
Alexander Crawford, Co-Head of Investments at Calculus
“Targeting a vast global market, the company is backed by an exceptional management team that combines deep knowledge and understanding of the insurance industry with extensive commercial expertise in software engineering. We are thrilled to collaborate with them to help the next stage of their development,” said Alexander Crawford.
Our products offer a best-of-breed solution with fast implementation, enhanced workflow, and seamless integration into existing frameworks utilising existing models. This has already proved invaluable to the success of our cross-sector clients.
Jonathan Shapiro, co- founder and director of Optalitix
“Now, with further support from Calculus and our other investors, we’re excited to expand our capabilities to reach a broader user base with an enhanced offering, in the future,” Jonathan Shapiro said.
Optalitix transforms complex spreadsheet models into scalable digital tools:
- Optalitix Models converts Excel, Python, or R models into cloud-hosted systems.
- Optalitix Quote offers a digital underwriting and pricing workbench.
- Optalitix Originate supports lending workflows with enhanced credit decisioning and profitability
Clients include S&P Global, Go.Compare, Lloyd’s of London, Pool Re, YuLife, Hampden Risk Partners, AXA, and others. Notably, Optalitix helped Lloyd’s digitize catastrophe reporting, saving the market over 13,000 admin hours per year.
