With the help of our Innoveo Skye® Business Canvas, our platform where the applications are configured, you can define your pricing algorithm in a simple Excel file, while Innoveo Skye® interprets it and makes the calculation in a blink of an eye. Because adding or updating pricing factors is as easy as modifying cells in a datasheet, any changes can be carried out in merely a few days, instead of weeks or even months of IT development.
In the below video, we will walk you through how easy it is to configure and make modifications to a pricing engine by going through a simple quick quote journey in a direct-to-consumer auto insurer journey.
In our example, we have a simple pricing algorithm, where we have five cost factors: the engine size, the vehicle’s value, accessories, the driver’s age, and their years of experience. You will see that the premium calculation is triggered once all the inputs are selected, and in this case, the higher the driving experience, the bigger the discount we can apply with dynamic pricing.
Let us imagine that you want to create another pricing factor for the calculation, like the way the car is usually parked, for example. During the video, we show you how easily you can do this by introducing the vehicle parking attribute as a new pricing input in your Excel file. Once you make your changes, the only thing you need to do is to save the Excel file, upload it to the Business Canvas, and then activate it. When we refresh the browser, your changes will automatically display, and in fact, it is possible to do this with an unlimited number of pricing factors besides this parking example.
Overall, the Excel integration of the Innoveo Skye® Business Canvas gives you enormous flexibility, as you can quickly change your pricing algorithm in Excel without the need to write a single line of code. This is beneficial for actuaries, as they do not need to explain to IT how to implement the algorithms, and also saving a lot of headaches for developers, who do not need to constantly update the business logic.
Barbara Péterfi, Content Marketing Manager at Innoveo