Optalitix Secures US$3mn to Accelerate Insurtech Innovation
Optalitix, the London-based specialist insurance and finance software provider, has secured a US$3mn follow-on funding round, led by existing investor Calculus Capital, with participation from 24 Haymarket and others.
This latest injection brings the company's total raised capital to US$8mn, positioning it to capitalise on the growing demand for digital transformation solutions in the insurance sector. This funding comes at a pivotal moment for the insurtech industry, as technology spending in insurance is projected to grow by over 25% by 2026. This surge in spending is driven by the increasing urgency for innovative solutions to address critical pain points such as operational inefficiencies, outdated legacy systems, and the rising need for personalised customer experiences. By securing this funding, the company is well-placed to develop and deliver advanced digital solutions that help insurers stay competitive and meet evolving market demands.
Tech Driving Growth
Optalitix's success is underpinned by its suite of sophisticated software products designed to revolutionise insurance pricing and underwriting processes. The company's flagship offerings include Optalitix Models, which converts Excel models into cloud-hosted systems, transforming complex spreadsheets into code within minutes. This capability significantly enhances the speed and efficiency of actuarial modelling and risk assessment.
Another key product in Optalitix's arsenal is Optalitix Quote, a digital pricing and underwriting workbench that streamlines the quotation process. This tool enables insurers to rapidly deploy and iterate on pricing strategies.
The company's latest innovation, Optalitix Originate, is a cloud-lending platform that optimises the lending process and improves profitability. This solution has already garnered attention, with specialist lender Spring Finance recently announcing a partnership to implement Optalitix Originate as its mortgage origination platform.
Jonathan Shapiro, co-founder and director of Optalitix, says: "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 clients".
Market Response
Optalitix's client roster includes major players such as S&P Global, GoCompare, Lloyd's, Pool Re, YuLife, and Hampden Risk Partners, spanning both the UK and international markets. This diverse portfolio demonstrates the broad applicability and scalability of Optalitix's solutions across various segments of the insurance industry.
The company's approach has not gone unnoticed in the industry. Optalitix has been recognised by several prestigious programmes and awards, including the Fintech Innovation Lab, Lloyd's Lab, Mass Challenge, and Oxbow Insurtech 25.
Alexander Crawford, Co-Head of Investments at Calculus Capital, adds: "Optalitix is perfectly positioned in a market where digital transformation is driving more effective pricing and underwriting. 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".
As Optalitix continues to expand its capabilities and reach, the recent funding is set to fuel further product innovation and support the execution of ambitious expansion plans.
Dani Katz, co-founder and director of Optalitix adds: "Our fundraising will enhance Optalitix's products for our insurer client base, ensuring the continued development of our cutting-edge insurance solutions that drive faster pricing and underwriting digitisation and give our clients a clear competitive advantage".
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