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.
Create a claims triage system using Excel logic
With claims, departments need to be able to filter out valid claims and pay them quickly amongst other tasks. See how Excel helps make a claims triage system.
Boost sales with an insight sales model
Generating sales will often cost time and money, particularly in the insurance sector. Learn how smart tools can help manage costs using Optalitix Models here.
Create a claims forecasting system
Calculating claims is vital for insurers as it can take months or even years for the claim payments after an insurance event to emerge. Learn more now.
Create a pricing application from a spreadsheet pricing model
When setting a price for a new product, the starting point is almost always Excel. Find out how to create a pricing application from a spreadsheet pricing model here.
Optalitix Models Use Cases
Insurance often involves using pricing models in spreadsheets. Use Optalitix Models to simplify processes by transforming these spreadsheets into a system.
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