Pool Re inks deal for new treaty and claims management system

Pool Re has teamed up with insurtech Optalitix to implement a new treaty and claims management system. 

Built on Optalitix’s quote product, the system will help Pool Re write new business, manage claims and communicate with its insurance members. 

The new system is scheduled for completion at the end of Q3 2024, with the first treaty quotes being sent out in February 2025.

“We are very excited to partner with Pool Re and enable such a critical and important UK organisation to help the insurance market deal with terrorism events,” said Dani Katz, co-founder and director at Optalitix.

“Our quote product allows Pool Re to write business and to collect and manage the claims coming in afterwards with greater efficiency and governance, enabling Pool Re to improve their services to the insurance industry.”

Consultation 

This came after Pool Re began a consultation process with its members on moving its reinsurance scheme to a catastrophe treaty reinsurance model back in August 2022.

The reinsurer, which is the insurance industry’s mutual for reinsuring terrorism risk in the UK, decided to partner with Optalitix as it wanted a new solution to allow members to review quotes and bind their treaty online, administer claims and financial transactions and get instant feedback on claims reporting. 

The new system will provide and bind policies for over 150 terrorism quotes from 2025 onwards, as well as capture claims information should certified terrorist events occur.

Jonathan Gray, chief underwriting officer at Pool Re, said: “We are delighted to partner with Optalitix to support our treaty and claims processes.

”After the recent vote approving new reinsurance arrangements from April 2025, we are confident that this system will allow Pool Re to digitally transact both pricing and contracts with our members.”