Iotatech, provider of a pay-per-use insurance platform, and Optalitix, which creates systems programmed in Excel, have launched a joint product for clients using the Iotatech Platform.
Iotatech clients can now programme their insurance systems using Excel models.听
According to Dani Katz, co-founder of Optalitix, this allows insurers to create smarter pricing, renewal and claims services at a much lower cost than any other provider. Moreover,听 no system developers are needed and the system can be scaled up to service massive client volumes using the Cloud.听
Dani explained: 鈥淭his gives Iotatech clients a significant competitive advantage due to the speed of change and ability to adapt their pricing and retention algorithms more quickly in the market, with no coding needed.鈥�听
He added: 鈥淚t will remove system bottlenecks and create a community of Excel users within insurers that are able to programme large systems using their business knowledge.听
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Areas where significant benefits can be realised by Iotatech customers include:
- Configurable underwriting rules allowing clients to adapt more quickly to risk and market conditions.听
- Personalised messaging to increase renewal rates,
- Targeted, personalised discounts to improve sales conversion,听
- More accurate reserving,听
- Improved claims management at first notification of loss and smarter fraud prevention,
- Personalised customer journeys to create a better customer experience,
- Customised commission calculations improve broker personalisation
Ahmad Mosa, Iotatech CTO said: 鈥淭his successful collaboration with the Optalitix team, integrating our modern SaaS solutions through Iotatech鈥檚 configurable integration service could not have been easier. I am confident that our clients adopting this method of building models and algorithms will more easily solve complex business problems, adding competitive advantage to their businesses鈥�
Dani Katz said: 鈥淲e look forward to creating real innovation and value for Iotatech鈥檚 clients that can now use spreadsheets to create valuable insight in the insurance process.鈥�
