Realytix Zero Qorus Innovation in Insurance Awards 2022- Nominated

Many underwriting processes in the insurance and reinsurance world are still manual, inefficient and partially redundant. Requesting quotes can be cumbersome due to the uploading of numerous documents and extensive sets of questions. Due to problems such as legacy IT infrastructure, limited resources and tight budgets, it is hardly possible to quickly launch new products, adapt existing ones to new requirements or introduce new distribution channels. It often takes up to two years from the initial idea to market launch. But speed is key to a competitive edge, if you don’t want to put your lead at risk. With Realytix Zero, non-life primary insurers, brokers and MGAs can launch, distribute and scale new or existing insurance products significantly faster, save costs and increase process efficiency. Product design, pricing, distribution and administration can be done using a fully digital process on a single, cloud-based platform. The underlying business process of Realytix Zero is “Rate-Quote-Bind”. The platform is built in a way that product owners/pricing experts can easily self-configure their own products (low code – no code). In addition they can decide if they want to use the Realytix Zero UI (for B2B sales channels like agents, brokers) or the Realytix Zero API which can also be self-configured and easily integrated into sales platforms or purpose built sales front end systems. Releases are possible with just a few mouse clicks. Time to market can be reduced from up to 2 years to a couple of weeks. From the beginning, our target was to create valuable impact with Realytix Zero, measured by bound premium volume and number of clients. We have been able to overachieve all of our OKRs since 2019. Our team has grown from 4 to 26 employees. Today we have more than 36 clients (primary insurers, brokers, MGAs) worldwide and serve many non-life insurance products, e.g. cyber, political violence, credit insurance, aviation, greenhouses, yachts, homeowners. With more than 1.5m risks quoted, we have bound a premium volume of more than 150m USD in 2021. The benefits for our clients are huge, this is reflected in the great feedback we receive and a customer satisfaction score of 9 out of 10. And the future looks promising, since Realytix Zero is applicable for all non-life (re)insurance products worldwide. The rules and rating engine is already being used in other business areas such as scoring and is rapidly finding its way into more innovative products. Since multiple external integrations are available, new data sources can be easily implemented via API and integrations with other systems are standard, Realytix Zero is currently evolving from an underwriting platform to an underwriting ecosystem.