Optalitix, a specialist provider of data analytics solutions, has strategically partnered with First Street, a provider of physical climate risk data, to help insurers incorporate unique U.S. datasets into their underwriting processes.
Optalitix is an insurance software company that provides a platform for pricing and underwriting insurance policies.
The company offers two online products. Optilitix Models enables any model to be hosted and managed in the cloud through integration with core policy systems. Optalitix Quote provides a pricing platform and underwriting workbench for underwriting departments.
Incorporating datasets into the underwriting process ensures that quotes are priced appropriately as the climate changes. First Street provides one of the most comprehensive physical climate risk datasets in the industry, covering floods, wildfires, heat, air quality, and wind for every property in the United States.
Matthew Eby, Chief Executive Officer of First Street, commented: “First Street data enables insurers to make informed decisions to understand and mitigate physical and financial risks as part of the underwriting process. We are excited to partner and make our physical climate risk assessment tools available to customers on the Optalitix platform.”
The purpose of this collaboration is to use Optilitix Quote to enhance data insights and make information more easily available to insurers, as required to extract natural catastrophe data by specific risk. This will save you hours of manual work.
Dani Katz, founding director of Optalitix, added: “We are excited to partner with First Street, which has a reputation for quality catastrophe data. Many of our customers and future customers price and underwrite insurance risks in the United States, and in particular our underwriting This data becomes invaluable to them when it is easily available through the workbench platform.”