First Street partners with Optalitix to enable insurers to incorporate US climate risk data into underwriting process

April 18, 2024

Optalitix, the specialist data analytics solutions provider, announces that it is partnering with First Street, a leading provider of physical climate risk data, to help insurers incorporate its unique US datasets into their underwriting process, thereby ensuring quotes are appropriately priced in response to a changing climate.

First Street provides one of the industry’s most comprehensive physical climate risk datasets, covering flood, wildfire, heat, air quality, and wind, for every property in the United States. With Optalitix Quote, this information will now be more easily available to insurance providers, with enhanced data insights, saving many hours of manual work otherwise required to extract natural catastrophe data for each given risk.

Matthew Eby, CEO at First Street, commented on the partnership, saying: “First Street’s data allows insurance companies to make the most informed decisions to understand and mitigate physical and financial risks as part of their underwriting process. We’re excited to partner with Optalitix to make our physical climate risk assessment tool available to their clients on the Optalitix platform.”

Dani Katz, Founding Director of Optalitix, also commented: “We are excited to be partnering with First Street, which has a well-deserved reputation for the quality of their catastrophe data. Many of our clients and prospective clients are pricing and underwriting insurance risks in the US and this data will be invaluable to them, especially if it is easily available to them via our underwriting workbench platform.”

Optalitix is an insurance software company providing a platform for pricing and underwriting insurance policies. Optalitix provides two online products: Optalitix Models, which enables any model to be hosted and managed in the Cloud with integrations to core policy systems; and Optalitix Quote, which provides a pricing platform and underwriting workbench for underwriting departments.