Options available to convert spreadsheetsThere are 3 options available to do this:Option 1: Recoding the system into another languageThis requires a full system build to replicate the underlying logic in the spreadsheet. This will require the developer to work alongside the model builder to explain the spreadsheet logic and check the results.+ Internal developer team can do it without requiring external systems– Cost is prohibitive (developer and pricing expertise required)– large volumes of models to convert which takes too much time– modelling errors are common– resources are unavailable– systems are hard and expensive to update when models changeOption 2: Use an existing commercial pricing platform to recode the spreadsheetThere are a number of software platforms that provide standard tools to help developers create pricing systems. These often have their own internal language and structures to reduce the time taken for the build, with experts on these systems needed to create and maintain the pricing system.+ commercial pricing platforms have tools that reduce the time required to recode the spreadsheet+ these tools have methods of checking for errors– Recoding spreadsheets remains difficult in these systems– The cost of the platform can be high– identifying developers who know the pricing system can be trickier than finding standard developersOption 3: Use an Excel converterAn Excel converter is new technology that allows the user to upload an Excel model and instantly convert it into a hosted system. This reduces the cost of the build and removes the need for developer involvement except for the integration to the core system.+ there is a significant reduction in the conversion time required per model (minutes rather than months per model)+ updates to the models can be done in Excel and automatically update in the system+ testing and debugging can be done against the spreadsheet while the Excel developer continues to maintain their own models– Integrating with other systems can be cumbersome as some Excel converters don’t work with all Excel models– There may be a system requirement to design screens for data inputs if not provided by the tool
What are the four types of artificial intelligence?
Reactive machines, theory of mind, limited memory, and self-awareness are four main types of AI categories to be aware of. Read more about them in this guide.
What are the 3 V's of big data?
What are the 3 v’s of big data? Find out more as the data experts at Optalitix explain what they mean by using examples to illustrate each of them.
How to Become a Data Scientist
When pricing a new product, the starting point is almost always Excel. Learn how to create a pricing application from a spreadsheet pricing model here.
Holiday AI Thoughts
The key to selling is to establish a relevant dialogue and understanding with your clients. Find out how AI systems can be used to target the right consumers.
Artificial Intelligence powered insurance is now inevitable!
AI is changing the competitive landscape for insurers by delivering a competitive edge in a number of areas. Read more about AI in insurance.
AI Accessible for all - Ignore at your peril!
As AI continues to develop, businesses of all sizes will need to engage with the technology and embrace the power of machine learning to improve their processes.
The Computable Game
Data analysis with Optalitix—an online underwriting tool offering advanced data-based services, including database management and analytics to insurers & bankers.
AI and machine learning in a GDPR environment.
GDPR refers to the EU’s upcoming data protection regime. Find out whether the anonymisation of data, as prescribed by GDPR, would break AI models and more here.
Cultural diversity drives better AI outcomes
Agile organisations that can respond to the global challenges of their often multinational customer base are often the ones that thrive. Read more in this guide.
Why cant lending be like Uber?
Lending is constantly changing with entrants, regulations and technology. Learn how technology can give businesses market leading edge like Uber in this guide.
Why are Insurers playing a guessing game?
Numerous insurers overlook advanced solutions. Make sure your company leverages valuable insights from its data to enhance the user experience with Optalitix!
The future of life insurance
In the past, choosing the right life insurance was an arduous task. Thanks to data analysis and algorithms, shopping for life insurance has become much simpler.
Insurance quote personalisation is magic!
Dani Katz talks about how Optalitix can improve every aspect of the insurance business through better use of data, quotations and more. Read more in this guide.
A meaningful connection. The next phase of API relationships.
Data analytics and API closely intertwine, but what is the next phase in their relationship? Learn more about this successful financial connection here.