Pool Re forges partnership with data analytics firm
Pool Re forges partnership with data analytics firm | Insurance Business Australia
Reinsurance
Pool Re forges partnership with data analytics firm
A more effective treaty and claims management system is on its way
Reinsurance
By
Noel Sales Barcelona
Data analytics service provider insurtech Optalitix has announced a partnership with the UK’s largest, government-backed anti-terror reinsurance company Pool Re, for the implementation of a new, end-to-end treaty and claims management system with full auditability and enhanced reporting.
The new system, built on Quote, a program developed by Optalitix, aims to provide Pool Re with a more effective means of writing new business, managing claims, and communicating with its insurance members.
“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 (pictured), 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.”
The move allows Pool Re members to review quotes and bind their treaties online, administer claims and financial transactions, and get instant feedback on claims reporting. Pool Re also explained that using Optalitix’s Quote product, the new system will provide and bind policies with around 150 terrorism quotes, from 2025 onward. The system will also capture claims information should certified terrorist events occur.
In addition, both parties expressed confidence that the measure will boost efficiency, streamlining, and link quote and claims data for enhanced reporting and ease of use by partner insurers.
“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,” said Pool Re chief underwriting officer Jonathan Gray (pictured).
Meanwhile, the new system is scheduled for completion at the end of the third quarter of this year, with the first treaty quotes being sent out in February 2025.
In the meantime, integrations with additional systems within the Pool Re ecosystem are being discussed.
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