Most complex calculations and models used in business today are designed by business Subject Matter Experts using Microsoft Excel. This might be for credit risk assessment, asset valuation, insurance product design, pricing or other complex calculations.
To use the model’s calculations in its business systems the IT team write thousands of lines of software to perform the model’s calculations which can take months to write, test and debug.
This process creates:
- A high Cost of Change,
- Long Delays,
- Thousands of Lines of Code To Maintain,
- A High Risk of unintended consequences,
- Very poor Business Agility
It does not have to be that way, XL-a-Rate solves this problem!
What if the business expert could just publish their model straight from Excel as an Enterprise Service for use by the business?
The expert’s model, tested on his desktop PC, is read by the XL-a-Rate software which uses it as a specification of the calculations to run. XL-a-Rate assesses what impact the new model would have and reports the results to the business expert.
Model Change Impact Assesment – Challenger Models
XL-a-Rate initially runs a changed model as a “challenger model” assessing what the impact of this new model would have been if it had been live in the past and reports the differences between what the live model calculated and what the challenger would have calculated. For example, which customer segments would have received higher or lower premiums impacting on conversions and GWP?
If the expert is happy they can make their model live at the push of a button. If it is back to Excel to refine it.
The business expert can “Upload” their model to XL-a-Rate and have it executing within minutes, used by internal systems and supporting the business’s processes.
Using XL-a-Rate delivers zero cost, impact verified model changes in days not months, with no model software to write or maintain and practically no risk of errors.
XL-a-Rate is available on-premise or as a cloud service in Microsoft Azure. Written in 100% pure .NET XL-a-Rate is built as a serverless, stateless application which as a result can scale up on demand and down in quiet times.
Data Protection and GDPR compliance is supported through encrypted data transfer and storage, TEKenable’s ISO27001 development and management methodologies and geolocated services in any Azure supported geography.
What To Do Next?
Talk to us today about how your models can be published, executed at speeds thousands of times faster than Excel and incorporated into Credit Risk, Insurance, Lending, Life and Pensions and many other business systems and processes.