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50 Smartest Companies of the Year 2016

Driving your Digital Transformation forward using the Industry’s Most Accurate & Innovative Property solutions: Opta Information Intelligence

Opta Information Intelligence is Canada’s largest property data aggregator and leader of innovative technology solutions. Opta’s mission is to help drive profitable growth for clients by creating business value from information. Many industries are submerged in ever-increasing amounts of information, with value largely untapped. Opta can unlock that value.

“At Opta, we provide insurance and corporate clients with tools and information to help manage and authenticate risk information, in turn helping them discover and explore business opportunities, become more competitive, generate business and gain the insight required to make profitable business decisions,” said Greg McCutcheon, President. “We are leaders in advanced analytics and machine learning technology, developing innovative solutions that give companies an advantage over their competition.”

As the largest aggregator of structured risk information and property data in Canada, Opta not only has access to a wealth of loss history information through its parent company SCM Insurance, but also has extensive industry partnerships that provide it with even more information that enhances its ability to deliver valuable business intelligence. Combined with proprietary technology, Opta helps you access, understand, and synthesize previously inaccessible information, turning it into intelligence that helps to discover and understand business risks. The company’s solutions are the only one of its kind in the marketplace.

Solution Offerings
The company is uniquely positioned to drive your digital transformation forward using the industry’s most accurate and innovative Property Solutions nationwide.

Opta’s iClarify™ validation tool provides instant access to precise geo-coded property intelligence, valuation data, and streetscape imagery. The proficiency of iClarify™ to offer concrete data at the point-of-sale (POS) empowers clients to significantly reduce property valuation processing time from 30 minutes down to just 2 minutes. 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 iClarify™ reflects our deep understanding on how an insurance company works,” said McCutcheon.

In addition to iClarify™, Opta offers a powerful analytics tool, Peril Score™ that measures the 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 geocoded property address. “The uniqueness of Peril Score™
enables every customer to analyze their own set of risks, and act accordingly,” explained McCutcheon.

Opta is the largest property data aggregator in Canada and leader in analytics solutions. Its recent accolades include:

  • Listed Top 10 Big Data Solution Provider by Insurance CIO Outlook, 2015
  •  Voted as Most critical service provider in delivering the future of Canadian Insurance outperforming Apple, IBM and Google by FC Business Intelligence, 2016
  •  Named Innovator of the Year by Insurance Nexus at Canadian Insurance Analytics Conference, 2016

Opta’s target client verticals are Property & Casualty Insurance. Some of its big and notable clients include RSA, AVIVA, MARSH, AON, AIG, Johnson, RBC Insurance, etc.

Clients Speak
“We chose iClarify’s predictive Pre-Filled Data because the accuracy of the replacement cost helps our partners close the business more effectively. In addition, getting a quote is faster, more accurate and our customers feel confident doing business with us and our insurance partners. Since implementation, we’ve seen conversion improvements of greater than 25%.” –Matthew Lutzko, Kanetix.ca

“We’ve been using iClarify Commercial for several years as an integral part of our Commercial Lines underwriting process. We’ve been supporting our broker partners’ access to the iClarify Residential imagery, and predicted construction feature data since the services’ inception in 2009. We are able to access information faster and more accurately. Having this information at our finger tips, allows us to do our job more efficiently. In early 2016, we incorporated Opta’s Peril Score™ service directly into our personal lines rating models. This added information has allowed us to more accurate and competitively price the properties we insure. It further gives us confidence in knowing there is a reliable tool that lets us understand the risk and the quality, so that we can make sound underwriting decisions” – Steve Johnston, Aviva Canada

The Road Ahead
For the company’s future road map, 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,” stated Greg.

Meet the President – Greg McCutcheon
Greg serves as President of Opta Information Intelligence (Opta), championing the company’s drive to remain cutting-edge and maintain its position as the benchmark for technology-based underwriting solutions. With more than 25 years experience in the industry, including seven years as President of SCM Risk Management Services, Greg is an executive leader holding extensive knowledge of all aspects of insurance underwriting workflow and data underwriting information processing. Combined with his focus on communications and customer relationships, Greg is uniquely positioned to lead Opta in envisioning underwriting services and solutions that drive efficiency and enhance the accuracy of the underwriting process.

Having provided insurance information services to the Canadian Property Industry since 1997, Greg prides himself on being a solutions sales person who excels at communicating with his clients, accurately assessing their needs, and leading his team to come up with solutions that work. Greg sincerely cares about Opta’s customers and their businesses, and delights in offering tailored services that provide them a high return on investment. Greg is a CRM and holds a Bachelor of Honors degree in History and Politics from Queens University.

“The partnerships 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.”