Charles Taylor InsureTech acquires insurance platform specialist

Charles Taylor 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.

Jason Sahota, CEO of Charles Taylor InsureTech, said: "Delegated underwriting authority business is projected to account for 47 percent 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."

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