Opta Information Intelligence

When it comes to the insurance sector, revolution is in the air. Today’s underwriters, insurers, and brokers have already wrapped their arms around big data in a big way to experience a whole new class of benefits such as improved analytics and reduced efforts. Despite this significant momentum in insurance market, companies and insurers are facing severe headwinds, grappling with issues of ineffective customer experience. Based in Markham, Ontario, Canada, Opta Information Intelligence offers cutting-edge tools that drive profitable growth and superior customer experience by creating business value from information. “Our ability to act as the largest aggregator of property data and structured risk information enables us to assist enterprises in discovering more business opportunities and generating valuable insights,” says Greg McCutcheon, President, Opta.

The skillful integration capabilities of iClarify™ reflects our deep understanding on how an insurance company works

The company offers a property insurance valuation and validation tool, iClarifyTM that provides immediate access to specific geo-coded property intelligence, valuation data, and streetscape imagery. Developed from the repositories of ClaimsPro and SCM Risk Management Services, iClarifyTM offers predictive analytics on frequency of property-loss or risk. The tool’s swift approach enables corporate and insurance industries to obtain current statistics or factual information about a particular site, nearby locations and neighborhoods. “The proficiency of iClarifyTM to offer concrete data at the point-of-sale (POS) empowers our clients to significantly reduce property valuation processing time from 30 minutes down to just 2 minutes,” says McCutcheon. This subsequently results in an enhanced customer experience, cost-efficiency, and confidence in handling the risks. Creating further ease for insurance corporations, the tool offers integration abilities with enterprise coding and policy management systems to streamline the decision-making process. “The skillful integration capabilities of iClarifyTM reflects our deep understanding on how an insurance company works,” states McCutcheon.

Greg McCutcheon, President, opta information intelligence comprehensive solutions for geocoded property intelligenceGreg McCutcheon, President
In addition to iClarifyTM, Opta offers a powerful analytics tool, Peril Score that measures relative propensity to claim for a peril at a particular address and the estimated loss-cost for a claim. The tool accurately forecasts the likelihood and severity of water, fire, wind and hail, and crime loss by geo-coded property address. “The uniqueness of Peril Score enables every customer to analyze their own set of risks, and act accordingly,” says McCutcheon.

Opta’s cost-effective insurance management solutions are a result of their deep emphasis on customer’s requisites. “The partnership we forge with our customers is something that’s quite unique in the space and the major reason we’ve been so successful in attaining distinguished market stature,” explains McCutcheon. Capitalizing on such position, the company’s rich database has covered over 10 million residential properties and over 2 million commercial properties in Canada. “Used by 90 percent of Canadian insurance companies for new business quotes and policy issuance, the speed at which we deploy products at our client’s place of business is essentially distinctive and trend setting.”

In one such instance, CAA Insurance Company relied on Opta’s iClarifyTM valuation services to streamline their property quoting process. With real-time access to extensive data and property information through iClarifyTM, CAA was able to create a more efficient quoting process, enhance customer experience, and ultimately ensure that property quotes are accurately insured to value. “Our solution also facilitated reduction in customer waiting times and enabled agents to craft more informed decisions,” says McCutcheon.

Looking to the future, Opta is focused on building best-in-class products by leveraging competent technology and evolving trends. “We aim for an innovation-fueled growth based on our core values of team-spirit, persistence, and passion. Having these traits at the core, we strive to ensure greater success and customer satisfaction in the coming years as well,” concludes McCutcheon.