Optalitix Company Profile

Background

Overview

Optalitix is an award-winning software provider specializing in no-code pricing and underwriting platforms for global insurers, reinsurers, Managing General Agents (MGAs), and lenders. Established in 2013, the company focuses on transforming complex Excel, Python, and R models into cloud-hosted APIs within minutes, thereby enhancing efficiency and innovation in pricing and underwriting processes.

Mission and Vision

Optalitix aims to empower insurers and lenders to manage risks more effectively by providing scalable, cloud-based solutions that streamline pricing and underwriting workflows. The company's vision is to drive digital transformation in the insurance sector, enabling organizations to make data-driven decisions that improve performance and reduce costs.

Industry Significance

Operating within the insurtech industry, Optalitix addresses the critical need for modernization in insurance operations. By converting traditional spreadsheet-based models into robust online systems, the company plays a pivotal role in enhancing operational efficiency and competitiveness among insurers and financial institutions.

Key Strategic Focus

Core Objectives

• Digital Transformation: Facilitate the transition from manual, spreadsheet-based processes to automated, cloud-based systems.

• Operational Efficiency: Streamline pricing and underwriting workflows to reduce time-to-market and operational costs.

• Data-Driven Decision Making: Provide tools that enable insurers and lenders to leverage data analytics for informed decision-making.

Areas of Specialization

• Pricing Models: Develop scalable solutions that convert complex pricing models into accessible, cloud-hosted APIs.

• Underwriting Platforms: Offer digital workbenches that integrate pricing models with underwriting processes, enhancing workflow efficiency.

• Lending Solutions: Provide cloud-based platforms that streamline the lending process, improving profitability and customer experience.

Key Technologies Utilized

• No-Code Platforms: Enable rapid development and deployment of applications without extensive coding requirements.

• Cloud Computing: Utilize scalable cloud infrastructure to host applications, ensuring reliability and accessibility.

• Data Analytics and AI: Incorporate advanced analytics and artificial intelligence to enhance decision-making capabilities.

Primary Markets Targeted

• Insurance Sector: Insurers, reinsurers, and MGAs seeking to modernize pricing and underwriting processes.

• Financial Institutions: Banks and lenders aiming to optimize lending workflows and improve profitability.

• Global Reach: Serve clients across the UK, Europe, South Africa, and other international markets.

Financials and Funding

Total Funds Raised

As of September 2024, Optalitix has secured a total of $8 million in funding.

Recent Funding Rounds

• September 2024: Completed a $3 million funding round led by Calculus Capital, with participation from 24 Haymarket and others.

• August 2022: Raised £4 million in an equity round led by Calculus Capital, with additional investment from United Trust Bank.

Notable Investors

• Calculus Capital: A venture capital firm specializing in early-stage investments in technology companies.

• United Trust Bank: A UK-based specialist bank providing a range of financial services.

• 24 Haymarket: An investment firm focusing on high-growth companies in the technology sector.

Utilization of Capital

The funds raised are primarily allocated towards:

• Product Innovation: Enhancing existing products and developing new solutions to meet market demands.

• Market Expansion: Increasing sales capacity and marketing efforts to reach a broader client base.

• Operational Scaling: Expanding the engineering team to support growth and ensure product quality.

Pipeline Development

Key Products

1. Optalitix Models: Converts complex Excel models into cloud-hosted systems, enabling rapid deployment and scalability.
2. Optalitix Quote: A digital pricing and underwriting workbench that integrates seamlessly with existing systems, enhancing workflow efficiency.
3. Optalitix Originate: A cloud-based lending platform designed to streamline the lending process and improve profitability.

Development Stages

• Optalitix Models: Fully developed and operational, serving clients across various sectors.

• Optalitix Quote: Launched and integrated with multiple insurers, including Vitality Health and GoCompare.

• Optalitix Originate: Introduced to the market, with early adoption by specialist lenders such as Spring Finance.

Target Conditions

• Insurance Sector: Addressing inefficiencies in pricing and underwriting processes.

• Lending Industry: Optimizing loan origination and management to enhance profitability.

Anticipated Milestones

• Product Enhancements: Continuous updates to incorporate advanced analytics and AI capabilities.

• Market Penetration: Expansion into new geographical regions and industry segments.

• Client Acquisition: Onboarding additional major insurers and financial institutions.

Technological Platform and Innovation

Proprietary Technologies

• Optalitix Models Platform: A no-code platform that transforms spreadsheet-based models into scalable, cloud-hosted systems.

• Optalitix Quote Platform: A digital underwriting workbench that integrates pricing models with underwriting processes, enhancing workflow efficiency.

• Optalitix Originate Platform: A cloud-based lending platform designed to streamline the lending process and improve profitability.

Significant Scientific Methods

• Data Analytics: Utilizing advanced data analysis techniques to extract actionable insights from complex datasets.

• Artificial Intelligence: Incorporating AI models to enhance decision-making capabilities and predictive analytics.

AI-Driven Capabilities

• Predictive Modeling: Employing AI algorithms to forecast trends and behaviors, aiding in risk assessment and pricing strategies.

• Automation: Automating routine tasks to increase efficiency and reduce human error in underwriting and lending processes.

Leadership Team

Jon Shapiro – Founder Director

Jon combines entrepreneurial acumen with software engineering expertise, driving Optalitix's mission to deliver value through innovative technology solutions.

Dani Katz – Founder Director

Dani's actuarial experience and passion for innovation are central to Optalitix's approach, ensuring the company maximizes value and efficiency in every project.

Alistair King – Chief Operating Officer (COO)

With 18 years in the insurance and banking industry, Alistair focuses on operational excellence and organizational efficiency, fostering growth for Optalitix and its clients.

Ashter Chomoko – Chief Product & Technology Officer (CPTO)

Ashter leads Optalitix's strategic vision and digital transformation, bridging product development and technology strategy to reshape businesses and empower teams.

Makoto Takano (TK) – Chief Financial Officer (CFO)

TK brings extensive expertise in financial and commercial management, overseeing corporate transactions and enhancing shareholder value for Optalitix.

Alexander Crawford – Non-Executive Director

Co-Head of Calculus Capital's Investment Team, Alexander advises Optalitix at the board level, leveraging his 30 years of corporate finance and investment experience.

Paul Hewitt – Non-Executive Director

An experienced CFO and chairman, Paul has held various non-executive director roles and brings a wealth of financial expertise to Optalitix's board.

Graham Davin – Chairman

Former CEO of United Trust Bank Limited, Graham has a background in corporate finance and banking, providing strategic guidance to Optalitix.

Competitor Profile

Market Insights and Dynamics

The insurtech industry is experiencing rapid growth, driven by the need for digital transformation in insurance operations. Technology spending in the insurance sector is projected to increase by over 25% by 2026.