The time is now right for spreadsheets to move to the cloud. Data collection and the models used for analysis have all migrated to new cloud-based systems, moving to a digital environment that is rich with features that include dashboards, databases and seamlessly integrated AI and automation. This digitization has reduced operational and security risks and accelerated the ROI and profits seen within the insurance sector.
With a cloud based digital solution, model results can be easily scaled, and with scale comes the ability to issue a greater volume of quotes resulting in greater lead flow and more sales.
Transparency and collaboration are also huge benefits of a cloud-based digital pricing model. Spreadsheets are valuable to companies due to the critical business logic built into them. However, these models are not available to the wider business as they are held on users’ desktops or hidden in file directories. If these models could be connected to core systems and were more accessible and scalable, the value of the IP built into the spreadsheet could add significant value to the business.
At the same time, regulators are uncomfortable with the lack of oversight and control exercised over spreadsheet models as many past cases have shown. A shift to a more cloud-based solution addresses these concerns.