OneSpark is shaking up the South African life insurance industry. They provide premium cover at affordable prices using smart technology to make the experience faster, simpler, and easier than other insurers.
The Business Challenge
Onespark wanted to make the web experience for customers and brokers smarter by building calculators into their website. They needed to operate at speed using a language that their analysts and actuaries could use and understand quickly. They had 25 Excel models they built that needed to be accessed by the website. Building this functionality using normal code would have required a department of developers and tied up their developers and actuaries for 6 to 9 months. This would have made the system unwieldly, cost prohibitive and ongoing maintenance of the models impossible.
The Optalitix Solution
The Optalitix Models platform is no-code and allows the Excel models to be quickly uploaded into the cloud by the Excel m themselves. It links to Optalitix Quote to create a dynamic quote document that can be accessed by brokers and customers instantly.
- Excel analysts at Onespark were able to upload their models and create APIs. In less than 2 weeks, they had all the models uploaded.
- It took very little time for the developers to connect the website to the Optalitix Models APIs. All the models could be accessed easily, with multiple development environments.
- Updates could be done in minutes, with no developers involved in the model updates.
Optalitix Models Value
The models have made the Onespark website far more responsive and intelligent. Customers choose to use Onespark to gain insight into their policies, to get advice on cover and to compare their new cover to existing policies.
- The resulting system build has delivered tens of thousands of customers and is quoting on over R1bn in cover every month.
- Levels of development efficiency in excess of Onespark’s expectations.
- Optalitix’s Models and Quote have reduced the time it takes from model build to deployment from 6 months to just hours.