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
What Industries Could AI Impact the Most?
From virtual health care assistants to driverless taxis, AI is transforming the way the world operates, making processes more productive and efficient. Read more.
How AI Is Used in Our Everyday Lives
AI permeates several aspects of our everyday lives, from our from smart phones to shopping and much more. Learn more about the impact of AI here.
How Is AI is Changing The World?
Artificial Intelligence (AI) has the power to change the world across multiple sectors including business, healthcare, transport and education. Learn more here.
How Could AI Change Future Workplaces
AI has the power to change the future of working globally. Read more about how AI can assist with staff collaboration, hiring employees, and remote working here.
How Can Machine Learning Help My Business?
Machine learning can help your business thrive by processes such as automating decisions, mundane tasks, and security. Find out more here.
Hot Models
During Covid-19, AI or non-human solutions were being used to model potential outcomes and solutions. Read how this was done and the findings that came from AI.
Optalitix selected to participate in Lloyds Lab
The Optalitix team are delighted to have been selected to participate in cohort 4 of the Lloyds Lab. Read more about their application and success in this guide.
How do machine learning models work?
There are a variety of regression and classification models within both the supervised and unsupervised categories of machine learning, a type of AI.
Will machine learning replace humans?
Machine learning technology has already started to replace humans, yet it has potential to create many opportunities and enable people to do their job better.
Is AI taking jobs?
Developments in AI led to machines taking predominantly unskilled jobs, and this looks set to continue. Learn more about how AI is impacting the workforce here.
How is AI being used in healthcare?
New AI technology from Microsoft and Google is able to detect diseases such as prostate cancer and diabetic retinopathy. Learn more the NHS's use of AI.
How is AI used in financial services?
The financial services industry is being transformed by AI. Learn how AI is used as robo-advisory services, chatbots, and algorithmic trading in finance.
What is the AI industry worth?
The AI industry is estimated to be worth somewhere in the region of $5 trillion dollars, and this number is only set to increase in the future. Learn more here.
How does machine learning work?
Machine learning algorithms are a type of AI that can learn patterns and processes with minimal to no human intervention. Discover more about how they work here.
How is machine learning used in finance?
The financial sector is increasingly using machine learning in order to be more accessible, efficient and provide a better customer experience overall.