Tech companies Iotatech and Optalitix announce new proposition to give insurers competitive advantage.
Iotatech, provider of a pay-per-use insurance platform, and Optalitix, which creates systems programmed in Excel, have launched a joint product for clients using the Iotatech Platform. Iotatech clients can now programme their insurance systems using Excel models.
According to Dani Katz, co-founder of Optalitix, this allows insurers to create smarter pricing, renewal and claims services at a much lower cost than any other provider. Moreover, no system developers are needed and the system can be scaled up to service massive client volumes using the Cloud.
Dani explained: “This gives Iotatech clients a significant competitive advantage due to the speed of change and ability to adapt their pricing and retention algorithms more quickly in the market, with no coding needed.”
He added: “It will remove system bottlenecks and create a community of Excel users within insurers that are able to programme large systems using their business knowledge.
Areas where significant benefits can be realised by Iotatech customers include:
· Configurable underwriting rules allowing clients to adapt more quickly to risk and market conditions.
· Personalised messaging to increase renewal rates,
· Targeted, personalised discounts to improve sales conversion,
· More accurate reserving,
· Improved claims management at first notification of loss and smarter fraud prevention,
· Personalised customer journeys to create a better customer experience,
· Customised commission calculations improve broker personalisation
Ahmad Mosa, Iotatech CTO said: “This successful collaboration with the Optalitix team, integrating our modern SaaS solutions through Iotatech’s configurable integration service could not have been easier. I am confident that our clients adopting this method of building models and algorithms will more easily solve complex business problems, adding competitive advantage to their businesses”
Dani Katz said: “We look forward to creating real innovation and value for Iotatech’s clients that can now use spreadsheets to create valuable insight in the insurance process.”