Lloyd’s partners with Lloyd’s Lab alumni Optalitix to save market 13,000 admin hours a year
London, 26th Feb 2021 – Lloyd’s has announced it has partnered with Lloyd’s Lab alumni Optalitix to use its reporting portal for catastrophe data to reduce more than 13,000 hours of data entry per year for the market.
Every year, Lloyd’s sees the huge impact on natural catastrophe events on individuals, businesses and communities. Lloyd’s promises to pay valid claims and help customers recover in time of need. Whilst remaining focused on these claims, local regulators need information from market participants and from their claims partners on the ground to track claims progress. Lloyd’s were keen to find a solution to make sure both regulatory reporting requirements were met whilst minimising the reporting burden on the market.
Solving Lloyd’s challenge, London-based artificial intelligence software company Optalitix joined the fourth Cohort of Lloyd’s Lab. One of the themes of this Cohort was to help tackle Lloyd’s challenge on ‘Data and models.’ Optalitix’s suite of products enables insurers to submit complex data intelligently and simply. During the Lab, Optalitix created a proof of concept version of their data collection product that can help reduce the Cat reporting burden, a challenge they accepted and delivered on rapidly.
“Partnerships drive innovation and we are delighted to have delivered this exciting project alongside Lloyd’s of London. It will revolutionize catastrophe reporting and save 13,000 man hours every year”
The portal is now live, with more than 180 users, and is providing immediate benefit to the market. It is estimated the new portal reduces the administrative burden across all stakeholders in the catastrophe regulatory reporting process and saving more than 13,000 hours of data entry per year – allowing for more value-add, customer-facing activity.
This is a great example of collaboration between the Future at Lloyd’s programme, Lloyd’s Lab, and innovative market SMEs to quickly introduce digital solutions that add immediate value.
Read more about how Lloyd’s and Optalitix achieved this in Lloyd’s ‘Building the Future‘ blog.