Insurance Simulator Industry
Developed Real-World Insurance Decision-Making Skills with Simulation Tools and Data
About Project
The insurance simulator puts students in the role of insurance executives, challenging them to manage pricing, underwriting, marketing, HR, and investments. It mirrors real-world complexities, teaching risk assessment, operational efficiency, and strategic thinking. With forecasting tools and macroeconomic data, students gain practical experience in balancing profitability, customer satisfaction, and growth, perfect for those studying insurance or business management.
Insurance Simulator Industry
BusinessNorth America
Location
Business Goal
Our business goal was to bring the brand’s vision to life by creating a dynamic simulation platform that empowers students with real-world insurance industry experience. We aimed to bridge the gap between academic learning and practical application, enabling students to make strategic decisions in areas like pricing, claims, and investments. By simulating complex, real-time business scenarios, the platform helps develop critical thinking and operational skills, preparing future professionals to thrive in the evolving insurance landscape.
Project Highlights
- Insurance simulation development
- EdTech platform design
- Custom eLearning solutions
- Interactive training software
- Real-time decision-making tools
Immersive Insurance Simulation
Key Challenges
Formula Migration Complexity
Migrating 2,000+ interlinked formulas from Excel without breaking data dependencies was complex.
Maintenance and Updates
Maintaining and updating intricate formulas posed major consistency and version control issues.
Scalability Limitations Identified
The existing Excel system lacked scalability and flexibility for future expansion and user interaction.
Error-Prone Tracking
Manual formula tracking was error-prone, time-consuming, and hindered the efficient evolution of the platform.
Our Solutions
Automated Formula Extraction Script
We developed a custom script that automates the extraction of formulas from the complex Excel system. The script stores the formulas in a centralized database, eliminating the need for manual tracking. We also converted the unique formulas into Laravel functions, allowing for dynamic execution within the application. This approach ensures consistency, reduces human error, and streamlines the process of updating and managing formulas efficiently, greatly improving system scalability and functionality.
Centralized Formula Database Implementation
We implemented a centralized database to store all formulas as Laravel functions, creating a streamlined approach to formula management. The system automatically processes updates and ensures that the most current versions of formulas are always applied. This centralized database eliminates the need for manual tracking and version control, improving accuracy and reducing the potential for errors. It also makes it easier to scale the system and implement future updates without disrupting existing functionality.
Transition to Laravel-Based Solution
To improve scalability and flexibility, we transitioned the system to a Laravel-based solution. In this setup, formulas are dynamically fetched from the database and applied directly within the application, reducing dependency on static Excel files. This move to Laravel allows for better integration with other system components, improves maintainability, and enhances performance. By leveraging Laravel’s robust features, the system now operates more efficiently and can be more easily adapted to meet future requirements and growth.
Automated Formula Storage and Consistency
We introduced an automated process for extracting formulas and storing them in the database, ensuring that formulas are always up-to-date and consistent. This system eliminates the need for manual tracking, reducing errors and improving overall system reliability. By storing formulas in the database and linking them to Laravel functions, we ensure that the application always uses the latest versions of the formulas. This automated solution saves time, improves accuracy, and allows for quick updates, making it ideal for a dynamic and growing system.
Our Approach
We used targeted strategies and solutions to gather and manage the operations efficiently.
Simulation
Data-Driven
Customized
Feedback
Technology Stack
Front-end Tech
Laravel
CSS 3
PHP
jQuery
Back-end Tech
Laravel
CSS 3
PHP
jQuery
Server
Laravel
CSS 3
PHP
jQuery
Database
Laravel
CSS 3
PHP
jQuery
Cloud
Laravel
CSS 3
PHP
jQuery
Framework
Laravel
CSS 3
PHP
jQuery
Security Tools
Laravel
CSS 3
PHP
jQuery
Analytics and Monitoring Tools
Laravel
CSS 3
PHP
jQuery
Key Results
Efficient Formula Management
Automated extraction and storage reduced maintenance costs and ensured faster updates.Scalable, Flexible Platform
Transitioned to Laravel, enabling future growth and easier maintenance.Reduced Error Risk
Automation improved accuracy, reduced errors, and saved time in data processing.Centralized Formula Updates
Simplified updates, ensuring consistency and smoother operations with reduced overhead.
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