Spreadsheets are used by insurers for many different activities. At Optalitix, we believe that the IP built into these spreadsheets is valuable and a core component of each company’s enterprise value. The value provided by these spreadsheets can be significantly enhanced by converting the spreadsheet into a system using a product like Optalitix Models. In this series, we will be highlighting the use cases we have witnessed, and how they add real value to insurers and their analytics d out more about Optalitix Models
Create a pricing system from a spreadsheet model
Pricing models are some of the most frequent use cases we encounter for spreadsheet use in insurance. Setting a price for a new product is often an iterative procedure, requiring a number of different changes to ensure the results meet requirements Spreadsheets are a useful tool to create a first pricing models because they are so easy to adapt, and act as a first pass at the final system. These spreadsheets are then converted into a coded system, involving significant investment or kept as single use systems inhibiting scale. Optalitix Models offers an improved solution to this. Spreadsheets are converted more quickly (in under 5 minutes) into scalable API driven systems with the Optalitix low-code solution. The benefits of this approach to building pricing systems are:
- Significant reduction in build time and costs
- Allows Excel developers to create systems.
- Scale pricing models to allow for multiple users
- Remove development bottlenecks
Optalitix created a cyber insurance pricing model that considers key risk factors for a business to determine the risk price to be charged. The model has tables with rating factors in different tabs, as you would expect from a pricing model. It took minutes to convert the models into an API that can be connected to existing websites or that broker aggregators can connect to. It can simultaneously be embedded in existing websites.
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.