Introducing Ockastic
For some time the insurance market has been underserved and overpriced in the pricing software space, with solutions cumbersome, constrained and neither fit for today, nor the next 20 years! Combining modern technology and robust statistical methods Ockastic has built our flagship product, The Secret Sauce, to help insurance companies & managing general agents (MGAs) unlock the potential in their business.
“There’s no such thing as a bad risk, just a badly priced one”
The words of our CEO, James Ockenden. James has an extensive and proven track record pricing the whole UK motor market at exceptional profit levels. He became accustomed to writing between £150 million and £210 million of premium on a profit margin of around 25%, considerably better than the market average across the insurance cycle of around 5%. Fraud and moral hazard aside, at Ockastic we believe the secret to success is buried in the data, coupled with an open-minded attitude and an aspiration to be the best!
Credentials
My name is James Ockenden. By trade I’m a qualified actuary, and a businessman in the wider context. During my 20 year general insurance career, I've held roles at Direct Line & I ran the pricing team at AXA/Swiftcover prior to joining Sabre Insurance in 2013. Part of a management buy-in, the approach I took to pricing and underwriting is unparalleled. Across 2014 to 2021 inclusive £1.34 billion of premium was earned, generating non-trivial pre-tax profits of £412 million. Looking back, it was an incredible journey, and there were two of us actuaries doing the pricing & reserving for the whole UK motor market! I had a brief stint at Abacai, more recently I have predominantly been focused on Ockastic, which stems from a combination of Ockenden, stochastic and fantastic!
“Across 2014 to 2021 inclusive £1.34 billion of premium was earned, generating non-trivial pre-tax profits of £412 million”