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.
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
