Unlocking the Power of Connected Models: How Composite Modelling Transforms Your Pricing Strategy
In an increasingly data-driven world, insurers and financial organisations need access to a wide array of models and data sources to remain competitive and responsive. With complex pricing requirements and external data sources to manage, the challenge is clear: how can teams bring these resources together efficiently? Optalitix’s composite model feature provides the answer, allowing organisations to seamlessly connect models and data sources into a single, unified pricing process that’s efficient, scalable, and requires no coding.
Here’s how composite modelling can transform your pricing approach and why connecting your models is more powerful than ever.
1. Connect Any Model and Data Source
Optalitix’s composite model feature makes it easy to connect any model—whether it’s a statistical model, a machine learning algorithm, or even a data table—as well as external data sources. This flexibility enables pricing teams to use all available resources, regardless of their source or format, giving them the power to create complex, data-enriched models without needing developers to manually integrate each component.
This means that external market data, historical performance metrics, and even real-time customer information can all be combined to improve the accuracy and responsiveness of your pricing. By accessing a wider pool of data, insurers can produce more reliable quotes and enhance their overall decision-making.
2. Easily Integrate External Data with Pricing Models
Pricing accuracy often depends on access to the latest and most relevant data. With Optalitix’s composite modelling, external data—such as market rates, regulatory updates, or competitor pricing trends—can be easily incorporated into existing pricing models. This seamless integration empowers insurers to enrich their models with the most current information available, helping teams respond quickly to changes in the market.
By integrating external data in real-time, composite modelling ensures that your pricing remains competitive and accurately reflects the latest insights, all without the need for complex coding or data engineering.
3. Combine Multiple Models into a Single Data Process
The composite model feature enables users to consolidate multiple models into a single, streamlined data process that can be accessed with one API. This means that rather than running separate models in isolation, pricing teams can layer and link multiple models together, forming a comprehensive pricing process that operates smoothly as one unified system.
This consolidation reduces complexity, saves time, and simplifies management, allowing teams to focus on delivering results rather than managing disparate systems. By accessing multiple models through a single API, insurers can also make these processes available to external systems, enabling brokers and partners to retrieve quotes and updates with ease.
4. Achieve High Efficiency and Scalability Without Coding
One of the standout advantages of Optalitix’s composite modelling is its no-code approach. By enabling teams to build highly efficient and scalable models without coding, the platform makes advanced pricing accessible to all team members, regardless of their technical expertise. Pricing actuaries and analysts can create, test, and refine composite models quickly and confidently, scaling processes to meet demand without needing developer support.
This no-code approach not only speeds up implementation but also empowers teams to stay agile, updating and adjusting models as needed to reflect the latest market dynamics or changes in business strategy.
Transform Your Pricing Strategy with Composite Modelling
Optalitix’s composite model feature gives insurers the tools to build sophisticated, data-driven pricing strategies that reflect the complexity of the modern market. With the ability to connect multiple models and data sources, integrate external data, consolidate processes, and scale efficiently without code, composite modelling is a game-changer for organisations seeking to leverage the full power of their data.
Embrace the flexibility, efficiency, and scalability of Optalitix’s composite models to deliver smarter, faster, and more responsive pricing—and stay ahead in today’s competitive landscape.
