Faster Model Deployment with No-Code Solutions
Pricing accuracy and agility are essential as the insurance pricing environment continues to change. Insurers must be able to quickly update and deploy pricing models in response to changes in risk and customer requirements. But often, deploying new models or adjusting existing ones requires developer involvement, resulting in bottlenecks, added costs, and delays. With Optalitix Models, we’ve developed a no-code solution that eliminates the need for developers in the pricing update process, empowering actuaries and pricing teams to take full control.
Here’s how our platform transforms pricing model deployment, enabling insurers to improve profitability, speed, and accuracy with ease.
1. Eliminate Development Bottlenecks for Faster Model Deployment
When pricing teams rely on developers to deploy models, valuable time is lost waiting for code to be written, reviewed, and implemented. Optalitix Models removes these delays by enabling a single integration between core systems and our platform. With this setup in place, actuaries can quickly deploy new models or updates directly to production without needing to engage developers. This means new rates reach the market faster, allowing insurers to stay competitive.
2. Reduce Costs of Maintaining and Updating Pricing Models
By eliminating the need for developer involvement in pricing updates, insurers can significantly cut down on maintenance costs. Traditional model updates can require extensive coding and quality assurance, driving up pricing costs. Our no-code interface removes these additional steps, allowing the pricing team to make changes independently. The result? Cost-effective model maintenance that keeps your pricing competitive without straining your budget.
3. Empower Self-Service for the Pricing Team
Optalitix Models is designed for self-service, putting full control of pricing adjustments into the hands of your pricing team. With the freedom to update rates and deploy models without relying on developers, pricing teams can respond quickly to emerging trends and shifts in the market. This agility not only benefits your team but also helps meet regulatory and customer demands with confidence and precision.
4. Enhance Pricing Accuracy with Frequent Rate Updates
The insurance market is changing constantly, with some insurers changing their rates daily or even more frequently. To remain competitive and to improve pricing accuracy, frequent rate updates are essential. The traditional reliance on developers to deploy models delays these updates, leading to outdated rates that may not accurately reflect the latest risks or market conditions. With Optalitix Models, your team can perform frequent rate updates, ensuring that pricing is always based on the most current information. This improved accuracy ultimately boosts profitability, reducing losses and increasing competitiveness.
5. Improve Governance and Testing Capabilities
Our platform includes built-in governance tools and improved testing capabilities, making it easy to track, review, and test model updates before they go live. This oversight not only ensures that changes meet regulatory and company standards but also provides transparency throughout the model deployment process. With the ability to test changes before deploying, your team can ensure accuracy and minimize risk—without additional development time.
Optalitix Models empowers insurance companies to streamline pricing model deployment, eliminate development bottlenecks, and empower actuaries to take charge of model updates. With faster deployment, reduced costs, and improved governance, insurers can increase profitability and stay competitive in a challenging market. Discover how our no-code solution can transform your pricing process today.
