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
Optalitix are Insurance Times Awards Gold Winner - Release
Optalitix wins the Gold award for Excellence in Technology – Service Provider (General) category at the 2021 prestigious Insurance Times Awards. Read more here.
The role of an underwriter should not be underestimated
The multi-faceted contribution an underwriter makes to any insurance business transcends simply assessing risk. Read more about underwriting and the impact of it.
Changes to FCA Insurance Pricing
New rules from 2022 ensure customers who are renewing their insurance policies receive a quote no more than they would be quoted as a new customer. Read more.
The future of systems with embedded Excel models
The ease with which Excel models can now be converted and the number available requires a new age of system design. Find out more in this guide.
Convert pricing models using an Excel converter.
Optalitix have determined that using Excel converters to convert pricing models is the most efficient and effective method. Take a look at the features and more.
Converting Spreadsheets - The 3 Options
At Optalitix, we are able to convert spreadsheets in 3 ways: by recoding the system, using an existing commercial platform, or using an Excel converter.
Spreadsheet models need to go digital
Spreadsheets should move to cloud-based systems in order to benefit from rich features such as dashboards, databases and seamlessly integrated AI and automation.
Spreadsheet dependancy and pricing
Spreadsheets are frequently used for pricing due to their ability to build complex calculations quickly in a flexible coding environment. Read our guide now.
Optalitix powered United Trust Bank’s step into the future with instant mortgage decisioning
The mortgage market is always changing. Few banks are able to offer an instant decision on a mortgage, yet the United Trust Bank (UTB) is one of them. Read more.
Five reasons why pricing in the cloud will increase sales
Cloud based pricing ensures that everything from conversion to compliance is streamlined, efficient and controlled ultimately leading to increased sales.
Spreadsheet Sense Check
As business strategy evolves and growth is more dependent on cloud based tools like AI, machine learning and data, the value of spreadsheets might be affected.
Big Data Processing for Multiple Insurers
The insurance sector is data rich and decisions are made quickly using real time data. Find out how GoCompare embraced AI to add value to their partner offering.
Learn about Lloyd’s Lab – an influential insurtech accelerator
Membership in Lloyd's Lab allowed Optalitix to scale up and develop innovative ideas in collaboration with the world's largest insurance market. Learn more now.
Learn about Mass Challenge – a US based start-up accelerator
