We had another great event at Society of Actuaries Annual Meeting in Austin last week. Exchanging insight with actuaries from a variety of firms; including consulting companies, insurance carriers, as well as educational institutes, consolidated our expertise in the market. Our overall message of empowering actuaries to transform their complex actuarial models into web and mobile applications without IT involvement resonated really well.
Almost all actuaries are experts in Excel. They build sophisticated tools and deliver them to their end users. Sometimes those end users are external: customers, insurance brokers, or partners. Policy rating tools and customer reporting are typical examples. On the other hand, internal users, such as underwriters, sales teams or other actuaries often utilize pricing tools, underwriting or rating tools.
However, there are several fundamental problems with delivering their work in Excel. It is far from ideal due to security, version control, and incompatibility issues. Actuaries often resort to taking their ideas to IT and ask them build an application that can be delivered securely, with version control over the web. But we all know what it takes to build those applications.
SpreadsheetWEB is an ideal solution that will turn those Excel models into web and mobile applications, with minimal or no support from IT. This will also relieve valuable IT resources from having to recode complex actuarial logic, which has already been built in Excel. At the same time, it empowers actuaries to have full ownership of their tools and update their calculation logic whenever they want, in a familiar Excel environment and deploy without any coding. This is the ultimate collaboration between the IT and actuarial departments.
We wanted to thank Society of Actuaries for yet another wonderful event and all of those attendees visiting our booth. Hope to see you all next year.