Charles Taylor, the leading provider of services and technology solutions to the global insurance market, today announced that it has acquired the remaining minority stake in Otak, an insurance technology platform business specialising in delegated authority solutions.
With this acquisition, Charles Taylor moves to full ownership of Otak and its product Tide, from owning a controlling majority stake previously. Tide is cloud-based data streamlining solution that was developed by Charles Taylor and Otak. It automates the handling of delegated authority information to help the global insurance market reduce processing and compliance costs, improve data integrity and make data-driven decisions. It powers the Delegated Data Manager (DDM) solution, formally DA SATS, that Charles Taylor InsureTech continues to provide to the Lloyd’s market and to other clients.
“Technology-enabled solutions lie at the heart of Charles Taylor’s business.” said Arjun Ramdas, CEO Charles Taylor InsureTech. “We are always looking at ways we can help our clients solve complex problems through innovative solutions, and our acquisition of the remaining stake in Otak, and full ownership of Tide enables us to offer greater responsiveness and flexibility to clients in this space.” he added.