First Street partners with Optalitix

With Optalitix Quote, First Street’s U.S. climate data will be more easily available to insurance providers, with enhanced data insights, saving many hours of manual work.

(Image source: Optalix homepage.)

Optalitix (London), a specialist data analytics solutions provider to the insurance industry, has announced a partnership with First Street (Brooklyn, N.Y.), a provider of physical climate risk data, to help insurers incorporate its U.S. datasets into their underwriting process, thereby ensuring 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 United States, according to an Optalix statement. With Optalitix Quote, this information will now 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, the vendor says.

Dani Katz, Founding Director, Optalitix.

“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,” comments Matthew Eby, CEO, First Street. “We’re excited to partner with Optalitix to make our physical climate risk assessment tool available to their clients on the Optalitix platform.”

Extending U.S. Catastrophe Risk Data to Clients

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

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

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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