Hampden Risk Partners implements Optalitix Quote Workbench to Transform Underwriting

Optalitix Quote enables HRP to price and analyze business in a consistent and auditable manner with the added governance that cloud-based systems provide.

(Image credit: Jurica Koletić/Unsplash.)

InsurTech Optalitix, a specialist data analytics solutions provider, has announced that Hampden Risk Partners (HRP), a prominent Lloyd’s syndicate primarily supported by Hampden Agencies (the largest provider of capital in the Lloyd’s market), is driving its future profitability and strategic growth with Optalitix Quote.

Dani Katz, Co-Founder and Director, Optalitix.

Under the leadership of Chris Sharp, the Active Underwriter for the syndicate, HRP successfully implemented Optalitix Quote, the underwriting workbench that allows underwriters to embed their pricing model including Excel, to reduce system development time and boost speed to market, according to an Optalitix statement.

“Optalitix Quote was selected as the optimum solution to meet HRP’s underwriting needs and swiftly meet Lloyd’s requirements for their 2023 business plan,” comments Dani Katz, co-founder and Director, Optalitix. “After initial design discussions, the Optalitix system was implemented in under two months, perfectly aligning with HRP’s 2023 planning timetable.”

Optalitix Quote includes flexible model integration and automated portfolio assessment in a no-code environment, as well as real-time data integration to seamlessly connect to quote enrichment data, facilitating real-time risk assessment, and portfolio management, the vendor statement says.

Optalix reports that this has already brought significant benefits to HRP, including controls for pricing, underwriting, and risk management, aligning with Lloyd’s expectations resulting in a 44 percent increase in capacity, helping to drive a 15 percent reduction in loss ratio, and setting the stage for profitable growth in 2023 and 2024.

Chris Sharp, Active Underwriter, Hampden Risk Partners.

Speed of Implementation, Extensive Knowledge

“Optalitix Quote enables us to price and analyze business in a consistent and auditable manner with the added governance that cloud-based systems provide,” comments HRP’s Sharp. “I was impressed by the speed of implementation as well as the extensive actuarial and insurance knowledge that Optalitix has brought to this partnership.”

Prior to the partnership with Optalitix, HRP faced the challenge of not having a comprehensive underwriting system in place and the need to align with Lloyd’s Pricing Maturity framework for their 2023 business plan, the vendor relates. HRP sought a system that could embed Excel models in the cloud and seamlessly integrate with external data sources, including the Lloyd’s Market Association’s (LMA) claims data and HRP’s policy.

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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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