Charles Taylor InsureTech (InsureTech) has acquired a majority stake in Otak, an insurance technology platform business specialising in delegated authority solutions.
The transaction includes the intellectual property rights to Otak’s products, including Tide, which has been embedded in InsureTech’s delegated authority solution.
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. It takes information from any source, into a centralised cloud based platform which processes, standardises and validates data against rules at source, without the need for intervention.
Jason Sahota, CEO of Charles Taylor InsureTech said: “Delegated Underwriting Authority business is projected to account for 47% of Lloyd’s premium income this year. 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. Our solution is helping to solve a complex problem, whilst presenting a simple, intuitive, experience that meets all parties’ requirements.
“I am pleased to welcome Andy Childs and Paul Oster of Otak to 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”.