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
Create a claims triage system using Excel logic
With claims, departments need to be able to filter out valid claims and pay them quickly amongst other tasks. See how Excel helps make a claims triage system.
Boost sales with an insight sales model
Generating sales will often cost time and money, particularly in the insurance sector. Learn how smart tools can help manage costs using Optalitix Models here.
Create a claims forecasting system
Calculating claims is vital for insurers as it can take months or even years for the claim payments after an insurance event to emerge. Learn more now.
Create a pricing application from a spreadsheet pricing model
When setting a price for a new product, the starting point is almost always Excel. Find out how to create a pricing application from a spreadsheet pricing model here.
Optalitix Models Use Cases
Insurance often involves using pricing models in spreadsheets. Use Optalitix Models to simplify processes by transforming these spreadsheets into a system.
Is the future of Lloyd’s algorithmic? - Part 2
Smart Follow underwriting and the algorithmic technology will bring a revolution of improved pricing and lower costs to insuring large and complex risks.
Is the future of Lloyd’s algorithmic? - Part 1
Take a look at a report that considers the impact of algorithmic underwriting on Lloyd’s and the London Market where complex risks are often underwritten..
Optalitix and Almagro Capital announce a new partnership that provides Almagro Capital with a rapid online quoting tool for its forthcoming expansion
Optalitix and Almagro Capital have agreed to partner to create improved pricing tools for Almagro and its brokers. Read more about their partnership in here.
The emergence of digital exchanges in the London Insurance Market
The Optalitix team were invited to contribute to a discussion where the digitisation on the underwriting process for the London Market. Read our insights here.
Iotatech and Optalitix announce the successful integration of their products providing significant added value to Iotatech’s clients
Iotatech and Optalitix are pleased to announce the successful integration of their platforms aimed at creating added value for clients of the Iotatech Platform.
Case Study: Catastrophe Reporting - Lloyd's of London
Learn how the London market could benefit from greater levels of digitisation and automation by converting data into cloud-based systems using low code software
Verto syndicate 2689 and Optalitix announce partnership - Press Release
Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, and Optalitix, an award-winning Insurtech company providing SaaS software to leading UK insurers.
FCA disrupts the insurance market
The FCA has changed the game for more established players in the insurance sector with its significant gear change in pricing for insurance business. Read more.
Optalitix Quote, the innovative new product for underwriters
Optalitix Quote is a new cloud product that enables underwriters using spreadsheets to improve their pricing processes. Learn more about it in this handy guide.
Insurance innovation – what will 2022 bring?
What might we expect for insurance in 2022? From digital insurance marketplaces to wellness products and profitability, read our predictions and more.