Iotatech, a Software-as-a-Service (‘SaaS’) technology provider to the insurance industry has entered into a strategic partnership with Optalitix.
The two companies, who both feature in the Oxbow Insurtech Impact 25 report (2021), have agreed a partnership that will see Acumen, the Optalitix flagship product integrate with the Iotatech Platform and provide Iotatech’s customers with the ability to turn their spreadsheets into integrated cloud-based models with artificial intelligence capability.
The integrated solution will enable Iotatech customers to maintain their investment and knowledge in their spreadsheets including existing risk, pricing, commission, fraud, total loss, without requiring investment in legacy systems.
Both Iotatech and Optalitix provide SaaS services, enabling insurers, brokers, managing general agents and third party administrators to benefit from current technology such as microservices, open APIs and cloud native computing.
A total of 84% of insurers and insurance professionals that rely on spreadsheets (61% extensively and 23% moderately) according to the most recent available data. The Iotatech/Optalitix integrated solution allows customers to migrate spreadsheets into a scalable online platform, eliminating the obstacles that these spreadsheets present such as limited access, inscalability, locked in knowledge, blocking digital innovation, etc.
This significantly reduces model development cost from 3 months to 1 day.
Optalitix Director and co-founder Dani Katz said: “Acumen solves the problem of spreadsheet usage that faces most, if not, all insurers today and we are excited to be working with Iotatech to present an integrated solution that can accelerate the digital revolution in the insurance sector.”
Iotatech CEO Michael Sargeant commented: “It’s great to be linking up with Optalitix given the potential to provide significant benefit to our customers that use spreadsheets extensively. We can now enable them to migrate quickly and efficiently to a scalable digital solution”