The collaboration aims to ensure insurance quotes accurately reflect evolving climate conditions.
First Street offers an extensive physical climate risk dataset, encompassing flood, wildfire, heat, air quality, and wind hazards for all properties in the United States. Through Optalitix Quote, this data will be readily accessible to insurance providers, providing enriched insights and significantly reducing the time-consuming process of manually extracting natural catastrophe data for individual risks.
Optalitix is a software firm specialising in insurance solutions, offering a platform for pricing and underwriting insurance policies. The company offers two online products: Optalitix Models, facilitating the hosting and management of any model in the Cloud with integrations to core policy systems, and Optalitix Quote, which serves as a pricing platform and underwriting workbench for underwriting departments.
Commenting on the partnership, Matthew Eby, CEO at First Street, said: “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.”
Dani Katz, Founding Director of Optalitix, explained: “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.”
