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The Digital Insurer Insurance Innovation Award
Optalitix should win the innovation award because, when faced with a problem that impacts almost every actuary and underwriter, Optalitix were able to deliver a fast and flexible solution that is simple to integrate and provides a powerful user experience.
Innovation in the digital age requires businesses on the cutting edge of technological solutions to remain agile and respond to the ever-changing needs of their clients and customers. Innovation should be proactive, and should focus on understanding what lies ahead for customers to ensure they can change and grow.
The Optalitix Modelling API enables the conversion of the most widely used insurance tool (Excel) into a scalable, robust system that can be accessed by the entire business. Effectively any spreadsheet based underwriting model, pricing model, claims model, retention model, or any other model, can be instantly converted into an API. Not only does this modelling API convert any Excel model, but its functionality extends to Python and R models as well.
The modelling API is a very robust cloud hosted tool, with sign off and testing screens suited and available to any company anywhere at anytime, meeting with with all data privacy and regulatory requirements.
It was designed as part of a broader software ecosystem that makes artificial intelligence and machine learning more accessible to insurers and data scientists and easier to manage and deploy. The API includes rich experience tracking and dashboards to monitor activity.
This innovation has been met with strongly positive feedback from all our insurance clients, primarily because it reduces development time of three to four months down to five minutes. It reduces costs and enables rapid product prototyping and launches.
Optalitix provides model management and CRM systems that easily integrates with the Modelling API output and enables the robust reporting of results in a trackable and accurate manner.
Simple, effective and sometimes obvious product innovation is often overlooked in our world of machine learning and AI. At Optalitix, responding to the needs of our clients no matter how technical or how simple they are is what drives our constant hunger to innovate.