Global insurer Tokio Marine HCC International (TMHCCI) has partnered with Insurtech company Optalitix, aiming to enhance its London market underwriting and pricing systems.
Optalix specialises in data analytics and pricing solutions.
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The partnership enables TMHCCI’s London market division to refine its underwriting process, elevate pricing and bolster risk insights while maintaining the decision-making capabilities of its underwriters.
The ability to track quotes is also expected to bolster TMHCCI’s capacity to manage its burgeoning portfolio.
The initiative signifies TMHCCI’s transition to a more integrated and data-driven system.
Actuaries will now be able to manage and deploy models centrally, offering enhanced analytics and insights.
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By GlobalDataUnderwriters are expected to gain access to real-time data, enhancing the overall efficiency of the underwriting process, TMHCCI stated.
The London Market team will be able to access a digital underwriting platform that improves pricing speed, accuracy and system performance, while providing better risk insights for capital management and market responsiveness.
Over the next two years, all TMHCCI’s pricing models for its London Market division will be transitioned to the Optalitix underwriting platform.
The phased implementation will start within a few months and is expected to refine the accuracy of quotes and enable the deployment of pricing models.
TMHCCI London market pricing head Richard Dixon said: “Optalitix has impressed us with their professionalism and the flexibility of their platform. This partnership marks an exciting step forward as we digitise our pricing models to meet the needs of an evolving market.”
Optalitix business development Alex Gurr said: ” By improving the experience for underwriters and enhancing pricing precision, we are setting a new data-driven pricing solution standard.”
Earlier this month, Specialty Group, a member of the Tokio Marine HCC group of companies based in Houston, Texas, appointed Sam Austen as senior film and TV production underwriter.
Austen, based in London, will enhance the expertise in the Contingency and Professional Risk – Media, Film and TV divisions in the UK in collaboration with Tokio Marine’s global network.
