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(Image source: Optalitix.)
Optalitix (London), a provider of cloud-based pricing and underwriting solutions, has announced a significant upgrade to its flagship product, Optalitix Models, with the launch of new feature: Model Monitoring. This enhancement introduces real-time tracking of insurance pricing models providing unprecedented visibility into model usage, accuracy, and reliability. Optalitix has also upgraded its underlying modelling system to deliver a transformative 70 percent increase in model performance speed.
Ricky Jayes, Product Manager, Optalitix Models.
Model Monitoring gives insurers new capabilities to allow Optalitix to proactively monitor model health and performance. From detecting errors and usage anomalies to accelerating model optimisations, this new feature enables insurers to reduce model risk and operational costs while increasing governance and insight, according to the vendor.
Model Monitoring will now be used by Optalitix to monitor client model performance, with far earlier insight into clients’ model health, and will be released for clients to access on a self-service basis in July.
“This change is groundbreaking for our clients, giving them far deeper insight and awareness of the performance of their entire model estate,” comments Ricky Jayes, Product Manager, Optalitix Models. “There are no other trackers in the market like this that enable insurers to monitor their Excel, Python, R, and other pricing model performance.”
With Model Monitoring, insurers will gain access to model dashboards that offer:
- User activity insights showing model usage trends and monitor model updates and uploads
- Performance comparisons across model versions to identify optimisation opportunities
- Proactive alerts and support triggers that help teams act immediately when issues arise
Dani Katz, Founding Director, Optalitix.
Prior to this release, clients lacked a streamlined way to monitor live models once deployed. Now, Optalitix Models supports tracking of any model type in real time, ensuring greater model accountability and operational oversight.
“We believe the inclusion of a single source for model monitoring for insurers’ entire model estate, including their Excel, Python, and R models, is a world first,” says Dani Katz, Founding Director, Optalitix. “Optalitix is committed to providing groundbreaking technology to help insurers manage their advanced model estates.”
Optalitix says this advance was made possible by integrating Google Cloud’s latest system tracking technologies directly into the Optalitix Models platform, extending model monitoring to all existing clients automatically, with no additional setup required.
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