Charles Taylor InsureTech has acquired a majority stake in Otak, an insurance technology platform business that specialises in delegated authority solutions.
The transaction includes the intellectual property rights to Otak’s products, including Tide, which has been embedded in the delegated authority solution of the insurtech business
According to Charles Taylor, the solution rethinks the way delegated authority information is handled to help brokers and insurers make data-driven decisions and reduce processing and compliance costs.
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The solution takes information from any source to a centralised cloud-based platform which then processes, standardises and validates data against rules at source, without the need for intervention.
Charles Taylor InsureTech CEO Jason Sahota underscore saying delegated underwriting authority business is projected to account for 47% of Lloyd’s premium income in 2017.
“This volume of business is expected to grow, yet the process is driven through an array of complex systems and manual processes that do not support the outcomes required in a timely fashion,” Sahota said.
“Our solution is helping to solve a complex problem, whilst presenting a simple, intuitive, experience that meets all parties’ requirements,” he added.
As part of the transaction, Otak directors Andy Childs and Paul Oster will become part of the Charles Taylor InsureTech team.
“Their software development expertise and knowledge of the insurance market will further strengthen our technology offering for global insurance markets,” said Sahota.
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