Hampden Risk Partners Implements Optalitix Quote Workbench to Transform Underwriting

InsurTech Optalitix, the specialist data analytics solutions provider, today announces 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.

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.

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.

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% increase in capacity, helping to drive a 15% reduction in loss ratio, and setting the stage for profitable growth in 2023 and 2024.

Commenting on the transformation, Chris Sharp, Active Underwriter for HRP, said: “Optalitix Quote enables us to price and analyse business in a consistent and auditable manner with the added governance that cloud-based systems provide. I was impressed by the speed of implementation as well as the extensive actuarial and insurance knowledge that Optalitix has brought to this partnership.”

Dani Katz, Co-founder and Director of Optalitix, said: “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. After initial design discussions, the Optalitix system was implemented in under two months, perfectly aligning with HRP’s 2023 planning timetable.”

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. 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.

This successful implementation of Optalitix Quote underscores HRP’s commitment to innovation and strategic growth within the Lloyd’s market.