Insuring Against Terror Attacks: Optalitix and Pool Re

Today, InsurTech Optalitix, a leading provider of data analytics solutions, has announced its partnership with Pool Re, the UK's foremost terrorism reinsurer, to introduce a comprehensive treaty and claims management system featuring complete auditability and advanced reporting capabilities. 

Based on Optalitix’s Quote product, the system will streamline Pool Re's operations, enabling more efficient handling of new business, claims management, and member communications.

"We are very excited to partner with Pool Re and enable such a critical and important UK organisation to help the insurance market deal with terrorism events,” said Dani Katz, Co-founder and Director at Optalitix. “Our Quote product allows Pool Re to write business and to collect and manage the claims coming in afterwards with greater efficiency and governance, enabling Pool Re to improve their services to the insurance industry.”

Pool Re, the mutual insurance entity responsible for reinsuring terrorism risk in the UK and an affiliate of HM Treasury, is set to transform its reinsurance scheme starting in April 2025. This transformation will enhance negotiation capabilities with members and necessitate the implementation of new processes.

Pool Re sought the expertise of Optalitix to create an advanced digital solution that would revolutionise their operational processes. This solution will enable Pool Re's members to review quotes, bind their treaties online, manage claims, and handle financial transactions efficiently. Additionally, it will provide instant feedback on claims reporting, enhancing the overall user experience.

Leveraging Optalitix’s Quote product, the new system will manage and bind policies for over approximately 150 terrorism quotes starting from 2025. It will also be capable of capturing detailed claims information in the event of certified terrorist incidents, ensuring that all necessary data is efficiently recorded and processed.

Jonathan Gray, Chief Underwriting Officer at Pool Re also adds: “We are delighted to partner with Optalitix to support our treaty and claims processes. After the recent vote approving new reinsurance arrangements from April 2025, we are confident that this system will allow Pool Re to digitally transact both pricing and contracts with our members.”

The new system is scheduled for completion at the end of Q3 2024 with the first treaty quotes being sent out in February 2025. Integrations with additional systems within the Pool Re ecosystem are being discussed, as well as making use of some of Optalitix’s enhanced features, such as geo-mapping and risk analysis.

Breakdown and benefits of the new system

Here's a more detailed breakdown of the key functionalities and benefits of the new system

1. Online Quote Review and Binding:

   • Members can access and review quotes online, allowing for quick and convenient decision-making.
   • The system facilitates the binding of treaties directly through the online platform, streamlining the process and reducing administrative overhead.

2. Claims Management:

   • The platform will enable members to administer claims seamlessly, providing a user-friendly interface for submitting and tracking claims.
   • Automated processes within the system will ensure that claims are handled efficiently, reducing processing times and improving accuracy.

3. Financial Transactions:

   • The new solution will support the administration of financial transactions related to reinsurance, ensuring that payments and settlements are managed effectively.

4. Instant Feedback on Claims Reporting:

   • Members will receive real-time updates and feedback on the status of their claims, enhancing transparency and communication.

5. Policy Management for Terrorism Quotes:

   • From 2025 onwards, the system will handle the provision and binding of policies for over 150 terrorism quotes annually.
   • This ensures that Pool Re can efficiently manage its portfolio and provide timely coverage for its members.

6. Event-Driven Claims Capture:

   • In the event of certified terrorist incidents, the system will capture all necessary claims information, ensuring comprehensive and accurate data collection.
   • This capability is crucial for prompt and effective response to claims arising from such events.

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