76Process Optimisation – Alumni profilesLloyd’s Lab Impact Report 77 InariFocus in insurance value chain/Activity in the AcceleratorOptalitix Focus in insurance value chain/Activity in the Accelerator COHORT , workflow: Point of underwriting, Policy COHORT , workflow: Point of underwriting, admin system, Claims, Compliance & Primary focus product area whilst in Compliance & regulatory support Primary focus product area whilst in regulatory support the Accelerator: Improving policy and the Accelerator: Improving UW tools claims admin I Improving UW tools and Specific lines of business supported and processes, Enhancing back-end Specific lines of business supported processes I Data, product & service (if applicable): data eciencies (if applicable): Corporate, SME, consolidator I Enhancing back-end Speciality data eciencies Example of benefit of Accelerator to inari provides a cloud-based policy Optalitix improves underwriting and organisation: Optalitix created a administration system for insurers, Example of benefit of Accelerator to risk management for insurers. Its proof-of-concept version of their reinsurers, MGAs and Lloyd's syndicates. organisation: inari used its time in the operational products include an data collection product. This product It oers three core products: a Lab to further its understanding of the underwriting workbench that allows aimed to reduce the time taken by bordereaux management system, an London Market’s expectations from its users to manage risk more eectively insurers to report on and share insurer/MGA administration system, and policy administration systems. This and a data analytics tool for improving catastrophe data. After the Accelerator, a reinsurance administration system. To insight influenced inari’s decision to data accuracy and understanding risk. Optalitix was authorised by Lloyd’s to support the entire risk lifecycle, inari build its ecosystem. They obtained Its products are hosted on a no-code create a full-build version of this in uses distributed ledger technology. Their Founded: 2017partners during or soon after the administration system that can be Founded: 2013October 2020, going on to help products are modular and API-based so Cohort.integrated with any other system. Lloyd’s save 13,000 hours in data can be integrated with external sources Status: Operating, still in insuranceOptalitix allows users to host any Status: Operating, still in insuranceadministration time. Its platform has as well as inari’s own ecosystem of During the Lab, inari modified its existing Excel, Python or R model in reported on over $6bn of catastrophe partners.Company type: Administration system systems to underwrite cyber risks from their products and connect using Company type: Administration claims globally for 187 insurers, submission to post bind a piece of risk, APIs and web forms.system, Software provider coverholders and TPAs helping to Head oce: Spain “ The Lab helped us tremendously to understand in minutes instead of days. inari did this Head oce: United Kingdomimprove post-catastrophe recovery. the London market's expectations further and Main global oces: Spainin addition to integrating with several influenced our decision to build our ecosystem.”external data sources for cyber risk.Main global oces: United Kingdom Frank Perkins, Chief Executive OfficerLocations served: Europe, United Kingdom, USA, Asia Locations served: Global Employee count: 11-100 Employee count: 11-100 KASKO Focus in insurance value chain/Activity in the AcceleratorPersefoni Focus in insurance value chain/Activity in the Accelerator COHORT , workflow: Point of underwriting, Policy COHORT , workflow: Compliance & regulatory admin system Primary focus product area whilst in Primary focus product area whilst in the Accelerator: Improving UW tools support the Accelerator: Ancillary, Specific lines of business supported and processes, Increasing access to Specific lines of business supported accountancy and regulatory (if applicable): insurance, Product & service (if applicable): compliance services consolidator Example of benefit of Accelerator to KASKO provides insurers and MGAs Example of benefit of Accelerator to Persefoni's software helps companies organisation: Persefoni came into the with a modular no-/low-code product organisation: KASKO used its time in and financial institutions to meet Lab with a mission to help the Lloyd’s builder platform, which enables the Lab to build underwriting workflows stakeholder and regulatory climate market to start working towards its goal companies to digitalise new or existing that allowed simple risks to be disclosure requirements. The of net zero underwriting by 2050. At the products and workflows, focusing automatically quoted and bound, while company’s software allows clients beginning of the Lab, Persefoni had a lot specifically on distribution, underwriting, referring complex risks to underwriters to measure their carbon footprint, of engagement from their mentors and contract management as well as self-for manual review and adjustment of report on it and track their emissions a promising discussion about the service portals for the insured. The quotes and coverages. These manual reduction progress. Persefoni’s carbon accounting needs of the Lloyd’s platform can be used as a standalone Founded: 2015adjustments were automatically fed back clients are within the private equity, Founded: 2020market and the upcoming PCAF or in combination with existing systems into the digitally supported workflow to banking and insurance industries. guidelines for carbon accounting and such as policy administration and Status: Operating, still in insurancereduce the time taken to alter coverages.Status: Operating, still in insurancereporting in the insurance industry. claims solutions. “We're really proud of the traction we achieved Some initial progress was made in Company type: Administration systemLooking to re-register with Lloyd's in through the Lloyd's Lab.”Company type: Software providerterms understanding the needs of the Head oce: United KingdomBrussels, one insurance brokerage Jeff To, Senior VP at CCCHead oce: North Americamarket and challenges around data. found more stringent requirements had Main global oces: United Kingdombeen placed on how underwriting data Main global oces: USA was collected, stored and reported. Locations served: Europe, KASKO oered a quick and flexible way Locations served: Global United Kingdomto migrate excel-based work into a Employee count: 201-500 Employee count: 11-100cloud-based solution with enhanced security, audit trails, reporting tools and flexible workflows. © Lloyd’s