Founders: Jonathan Shapiro and Dani Katz
The Business: Optalitix is an AI solutions company – building models that can be integrated into your business and expanded through machine learning and AI. The company includes GoCompare and Vitality as some of its clients.
Camden-based Optalitix is a data analytics company that specialises in building models with AI and machine learning in mind.
The brainchild of ex-South Africans, Jonathan Shapiro and Dani Katz, the pair have a combined 30 years of experience working in actuarial science and data analytics – and currently run a team of over 20 people working with clients in insurance, finance and more.
For Optalitix, it starts with a client and collecting as much company data as possible, whether it is from their customers or their production such as machines and daily processes. The team will interpret this data, find key insights and integrate this into the client’s business – helping them run more efficiently, reduce risk, save costs and maximise profits.
Optalitix will use this data and AI to create what is known as predictive behaviour and tell the business where it can be smarter. The firm has processed over 20 million API calls to date and will help integrate their solutions in the customer’s business.
Optalitix’s product known as Acumen, a software that allows you to create underwriting decisions and integrate these easily without needing a developer.
As a practical example, Optalitix has helped companies analyse their risks and underwriting more effectively, particularly in insurance and finance. The use of AI is able to highlight features of good customers and also those of bad customers, including fraud, and use this information for future enquiries.
The AI proposition extends to all other industries and any business that could benefit from improved processes and production, including energy and oil, manufacturing, food production, tech, travel and more.
Earlier this year, Optalitix was named as one of the 12 finalists in the Lloyd’s Lab Cohort as an InsureTech disruptor.