Building on Optalitix’s Quote product, the system will provide a more efficient way for Pool Re to write new business, manage claims and communicate with its insurance members.
Pool Re is the UK’s largest terrorism reinsurer and is an arm’s length body of HM Treasury. The company’s transformation of its reinsurance scheme, which will commence in April 2025, allows for greater negotiation with members and requires new processes.
According to reports, Pool Re approached Optalitix to help develop a new solution to allow members to review quotes and bind their treaty online, administer claims and financial transactions, and get instant feedback on claims reporting. Using Optalitix’s Quote product, the new system will provide and bind policies for around 150 quotes from 2025, as well as capture claims information should certified terrorist events occur.
Dani Katz, Co-founder and Director of Optalitix commented on the partnership: “We are very excited to partner with Pool Re and enable such a critical and important UK organisation to help the insurance market deal with terrorism events,” he said.
Katz added: “Our Quote product allows Pool Re to write business and to collect and manage the claims coming in afterwards with greater efficiency and governance, enabling Pool Re to improve their services to the insurance industry.”
Jonathan Gray, Chief Underwriting Officer at Pool Re also commented, saying: “We are delighted to partner with Optalitix to support our treaty and claims processes. After the recent vote approving new reinsurance arrangements from April 2025, we are confident that this system will allow Pool Re to digitally transact both pricing and contracts with our members.”
Pool Re’s new system is scheduled to be complete by the end of Q3 2024, with the first treaty quotes devised in February 2025. In addition, there are plans for further integrations within the Pool Re Ecosystem as well as the use of Optalitix’s enhanced features such as geo-mapping and risk analysis.
