Optalitix partners with First Street to allow US data to be incorporated in underwriting

Optalitix, the specialist data analytics solutions provider, is strategically partnering with First Street, a provider of physical climate risk data, to help insurers incorporate its unique United States datasets into their underwriting process.

Optalitix is an insurance software company providing a platform for pricing and underwriting insurance policies.

The firm provides two online products: Optalitix Models, which enables any model to be hosted and managed in the cloud with integrations to core policy systems; and Optalitix Quote, which provides a pricing platform and underwriting workbench for underwriting departments.

The incorporation of datasets in the underwriting process will in turn ensure quotes are appropriately priced in response to a changing climate. First Street provides one of the industry’s most comprehensive physical climate risk datasets, covering flood, wildfire, heat, air quality, and wind, for every property in the US.

Matthew Eby, Chief Executive Officer, First Street, commented, “First Street’s data allows insurance companies to make the most informed decisions to understand and mitigate physical and financial risks as part of their underwriting process. We’re excited to partner with Optalitix to make our physical climate risk assessment tool available to their clients on the Optalitix platform.”

The aim of this collaboration is that Optalitix Quote will allow for information to be more easily available to insurance providers, with enhanced data insights, saving many hours of manual work otherwise required to extract natural catastrophe data for each given risk.

Dani Katz, Founding Director, Optalitix, added, “We are excited to be partnering with First Street, which has a well-deserved reputation for the quality of their catastrophe data. Many of our clients and prospective clients are pricing and underwriting insurance risks in the US and this data will be invaluable to them, especially if it is easily available to them via our underwriting workbench platform.”

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