Excel model transformation: Secure conversion, Easy operation & Robust auditability

This document outlines product requirements from my time at a FinTech organisation.

Objectives

In the financial and insurance sectors, actuaries construct intricate business models using Microsoft Excel. These models encompass vital logic and sensitive data necessary for processing input information and generating calculated results, such as financial planning and analysis models or insurance premium rate pricing models.

Imagine an Excel add-in that can extract the core formulas and logic from these models, transforming them into web services. Meanwhile, it transforms the input/output cells into a user interface in the Excel environment, enabling users like bank agents or insurance brokers to interact with the business model in Excel without exposure to the underlying logic and sensitive data. The new mechanics also monitors service usage, both from external and internal users, ensuring comprehensive auditing and the assessment of service performance and usability.

Product Discovery

Customer Identification

Identify the customers we have targeted to address their pain points and create a product that will be beneficial to them.

Experts in the financial and insurance sectors, focusing on actuarial tasks.
Aspire to extend model access to external users and organisations.
Excel proficiency is strong, but there's a need for a one-time solution to assist with model transformation using other relevant tools.

Value Proposition Canvas

The Value Proposition Canvas places the customer at the center of product development, which helps to create customer-centric solution by understanding customer needs, problems, and gains. It ensures a strong fit between the product and the market, and helps aligning the solution to the problem.

Competitors

Competitor research was done and provided valuable insights into the market landscape, identifies gaps and unmet needs, and informs feature prioritisation. Analysing competitors provides valueable insights in benchmarking, setting pricing strategies, and understanding user preferences.

The 'Comparison' column facilitates the assessment of product features in the market and how this product distinguishes itself.

Product

Comparison

Other note

Airrange

https://www.airrange.io/features/excel-sharing

✔️ Author creates/maintain model in MS Excel

✔️ Distributes selected content from a model.

✔️ Tracks model usage (Accept submissions)

✔️ Control access to intellectual property.

❌ Operators work in the MS Excel environment.

❔ Select appropriate version of logic to operate.

❌ Preserves the VBA/plugins/macros

Author uses the Airrange Excel add-in to transfer their MS Excel file to the Airrange platform, where operators collaborate and work within the Airrange environment.
It is worth learning the operator's mechanics as it appears promising from the operator's perspective.

Rowshare

https://www.airrange.io/features/excel-sharing

✔️ Author creates/maintain model in MS Excel

❕ Distributes selected content from a model.

✔️ Tracks model usage (Accept submissions)

✔️ Control access to intellectual property.

❌ Operators work in the MS Excel environment.

❌ Select appropriate version of logic to operate.

❌ Preserves the VBA/plugins/macros

Rowshare has features to allow Author to add and modify RowShare table rows in bulk in MS Excel, and then send back to RowShare.
Select to distribute in row level, not in cell-range level.
Version control: Operators only work with the latest version.

Zoho sheet

https://help.zoho.com/portal/en/community/topic/publish-spreadsheets-sheets-or-ranges-with-specific-customisations

https://www.zoho.com/sheet/?ireft=nhome&src=all-products-phome

❌ Author creates/maintain model in MS Excel

✔️ Distributes selected content from a model.

✔️ Tracks model usage (Accept submissions)

✔️ Control access to intellectual property.

❌ Operators work in the MS Excel environment.

✔️ Select appropriate version of logic to operate.

✔️ Preserves the VBA/plugins/macros

Zoho sheet is a custom spreadsheet editor. Both Author and Operators need to work in the Zoho environment.

Scope

Maintaining a well-defined product scope is essential in the product development process. It sets the project boundaries, offering a precise vision of the product's intended objectives. Moreover, the scope plays a crucial role in determining the project timeline and estimating the required resources.

MUST HAVE

Model conversion via Excel add-in
Control access to intellectual property
Model usage submission storage
Model version control

NICE TO HAVE

Retrieve shielded model from the cloud data platform
Customise the shielded model operational user panel.
Shielded model remote deactivation.
Dashboard for advanced data analytics.

NOT IN SCOPE

Customise the shielded model as per brokers’ demand
Model conversion via cloud data platform.
Model comparison by different versions.

Deliverables

Defining deliverables in the discovery process establishes clear objectives and expectations. It ensures that the entire team understands the scope, goals, and outcomes of the project. This clarity helps in efficient resource allocation, streamlining tasks, and maintaining a shared focus on achieving the desired product.

Deliverables

Description

Cloud data platform (data storage)

Cloud-based data hosting which helps to host the model submission records from brokers or financial planners, etc.

Cloud platform portal

(User interface)

An intuitive web-based user interface that allows actuaries to monitor submission records triggered from shielded model users
Provide filter functions for actuary to search fro specific records.
- Date range filter
- User account
- Record GUID.
- Specific entry parameters.

Excel add-in

Excel add-in which is available to download + install from the Microsoft Store
Potentially we need to provide alternative installation method in case actuary cannot access Microsoft Store.
Contains model conversion function.
Self-explainable task pane for actuary to use without user guide.
Offering multi-lingual user interface, determined by market demand.

Success Metrics

Helps to align product efforts with organisational goals, which provide data-driven insights for decision-making and facilitate accountability and prioritisation. They serve as a compass to ensure product managers' work directly contributes to the product's success and the organisation's mission.

Goals

Metrics

Cloud platform portal

(User interface)

Pageview statistics
Page click maps (Tracking page function usability).

Excel add-in

Excel add-in which is available to download + install from the Microsoft Store
Potentially we need to provide alternative installation method in case actuary cannot access Microsoft Store.
Contains model conversion function.
Self-explainable task pane for actuary to use without user guide.
Offering language support beyond English, with prioritisation determined by market demand.

Milestones

Milestones provide clear, tangible markers of progress, helping teams track their journey from concept to delivery. These milestones serve as checkpoints for evaluating a product's development, enabling teams to identify and address challenges early, allocate resources effectively, and maintain alignment with project goals.

Important Note: Priority codes play a crucial role in organizing and prioritizing tasks, indicating the urgency level of a project. These codes, ranging from P0 to P4, help establish priorities, with P0 representing the highest urgency and P4 the lowest.

Deliverables

Description

Priority (P0 - P4)

Cloud data platform enhancement

Enhance the current Cloud data platform to support new "shielded model" functionalities

Excel add-in (Create shielded model) via YAML

A rapid prototype that doesn't involve the full development of an Excel add-in but delivers essential functionality, enabled by Script Lab. The prototype supports shielded model creation.

Excel add-in (Model submission) via YAML

A prototype which allows operatord to submit their finalized entries into the Cloud data platform.

Front-end Cloud data platform access (Basic operations)

A simplified front-end interface for actuaries to export submission records, with data analytics capabilities in Power BI (manually conducted by actuaries)

Excel add-in (Shield model submission) via Office JS

Development of a feature-rich Excel add-in that enhances user functionality and can be made available for download through the Microsoft Office store.

Excel add-in (Create shielded model) via Office JS

Comprehensive Excel add-in which supports both personas (Model creator and Model Operators)

Front-end Cloud data platform access (Data analytics)

Comprehensive development of the front-end user interface for actuaries, integrating data analytics visualisations.

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