Transforming Excel models – a Schematiq Insurance Case Study

09 March 2023

Schematiq removes the limitations of Excel, empowering business users (‘citizen developers’) to create connected, agile workbooks without the reliance on VBA or IT change requests. These models can be scaled by utilising Schematiq’s cloud-based platform, allowing models to be called as APIs, whilst in a controlled, secure environment.

Choosing Schematiq as a strategic solution provides a quick, cost- effective tool for users, which enables them to resolve the shortcomings in workbooks, scale Excel models safely, without hiring developers or re-platforming.

In this example, the Insurer enabled:

• Underwriters to create multiple quotes and generate complex scenarios in Excel with a simple interface.
• Brokers to have instant access to live, online pricing.
• Actuaries to release model changes to the market within days, capitalising on market opportunities.
• IT to save £ millions versus re-platforming and back-testing.
• Actuaries and Underwriters continued using Microsoft Excel augmented by Schematiq, avoiding costly re-skilling.

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