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.
“Optalitix Models and Optalitix Quote have transformed our business, enabling us to deliver on our key product deliverables and made us more agile. The speed of delivery from Optalitix’s no-code products is a game changer .”
Michael Sher, Onespark
Get rid of the cr…p and do something Cool!
Read the valuable insights offered by Buster Tolfree the Commercial Director – Mortgages at a Tip-Talks event co-sponsored by United Trust Bank and Optalitix.
The Magic of AI
Demystifying AI is a challenge facing most businesses as automation and machine learning shift to being a necessity. Read more about the magic of AI here.
Google’s AI Claims to Be Improving How It Recognises News and Misinformation
Google's Vice President, Pandu Nayak claims that Google is using AI to better understand news and misinformation. Read more about Nayak's theory in this guide.
DeepMind AI Explores How to Improve Chess
Deepmind is an AI company using machine learning to reinvent the game of chess as we know it, with the help of chess champion Vladimir Kramnik. Learn more here.
Dani Katz runs 18km as part of Optalitix Fundraising
Optalitix co-founder Dani Katz ran 18km as part of Optalitix’s fundraising efforts this summer. Read about how he did and the charities that Dani ran for here.
Optalitix Joins Google Cloud Partner Advantage Program
Market leaders in AI and machine learning solutions, Optalitix, announced it has joined the Google Cloud Partner Advantage Program as a Sell and Build partner.
AI Breakthrough Could Accelerate Machine Learning Development
Researchers achieved a new AI breakthrough whereby using light for performing computations can improve machine learning neural networks in speed and efficiency.
AI Used on Facebook and Twitter to Detect Foreign ‘Trolls’
Researchers claim to have trained a machine learning system to identify posts on social media that aim to manipulate political events. Read more in this guide.
Next Generation of AI Described as “Too Dangerous to Release” – Now Released
The Artificial intelligence tool Generative Pre-training Transformer (GPT-3) has gained much attention, but is the technology dangerous? Learn more now.
Elon Musk Predicts AI Will Overtake Humans in 5 Years
Elon Musk has recently claimed that Artificial Intelligence could overtake humans by 2025, and discussed these predictions in a New York Times interview.
Optalitix Named Amongst Start-up Elite in the TechRound100
Optalitix is a finalist in the TechRound100, ranking in the top 100 UK start-ups that have been praised for their innovation. Learn about this competition here.
Identifying Unwanted Bias in Machine Learning
With human-made models comes human-biases, machine learning models are inclined to reflect the biases of the team who built it and the data it is fed.
Concerns Rise Over AI Racial Bias as Facial Recognition “Predicts Criminality”
The debate over racial bias in tech has been renewed as a US university claims it can predict criminality through facial recognition. Learn more in this guide..
How Is AI Helping to Fight the Impacts of COVID-19?
AI and machine learning have become key tools in helping to tackle the pandemic, not just in understanding the virus but also how to support different industries.
The Top 5 Strangest Uses of AI
Whilst AI has transformed many essential areas of society, some have also begun to use its technology for the weirder. Take a look at some odd uses of AI here.