November 14, 2020 Tom Austen
Optalitix allows insurers to convert spreadsheets into cloud-based models and “remove spreadsheet chaos.”
Acumen is Optalitix’s flagship solution. It aims to provide value in four ways:
Founded in 2013 by Dani Katz, an actuary, and Jonathan Shapiro, a software engineer, Optalitix combines technological know-how with an understanding of the insurance industry.
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Spreadsheets can be uploaded into the cloud, at which point webforms and APIs are automatically created. These can be easily integrated with databases and cloud-based AI tools such as AWS AI, Azure ML and Google Cloud AI. This allows the spreadsheet to become an AI-augmented model within a day. That said, in a discussion with Oxbow Partners, Dani was keen to stress that AI does not have to be applied to every model for Optalitix to provide value.
Acumen has a ‘no code’ interface and does not require users to learn a new programming language.
Optalitix was recently selected to be part of the Lloyd’s Lab Cohort 4. At Lloyd’s, Acumen has been able to convert spreadsheets (which in some cases had been around for over a decade) into real time, AI-augmented models that integrate with legacy systems.
The insurance industry is one of many to be run on Excel spreadsheets. However, this is changing. In late 2018, Verisk announced that it had agreed to purchase Rulebook, a technology business being incubated by accounting and consulting firm Moore Stephens, for $87m. Oxbow Partners InsurTech Impact 25 Member hyperexponetial has secured some high-profile contracts with specialty insurers such as Convex for cloud-based pricing software.
We like these kinds of businesses because they are mission-critical to insurers’ operations but also sufficiently accessible that they can be managed by underwriters and actuaries directly, in a controlled and transparent environment.
Underwriters who continue to price using spreadsheets could see themselves be selected against for a number of reasons:
If your underwriters are continuing to use spreadsheets for their pricing, you should probably suggest they email us.
About the author
Tom Austen, Consultant
Tom is a consultant at Oxbow Partner and has worked on technology, strategy & operating model engagements. Most recently, Tom helped an ESG-focused Greenfield London-market insurer design its modular technology architecture & corresponding operating model. Tom has also guided a leading personal lines insurer through a multi-million-pound transformation program. Tom has a first class degree from the London School of Economics.
Contact Tom