Formulas process different inputs from your digital journeys (such as income, age, assets, risk class, etc.) in order to generate desired outputs (such as credit scores, insurance premiums, interests, etc). It is mainly used to define mathematical and logical calculations that support various business needs.
The Business Formulas allows users to create advanced computations based on data imported from Excel.
You can implement multi-step calculations, using a variety of data types and built-in functions. An embedded data sets feature allows you to reference predefined value mappings between sets of discriminants (such as age, sex, driving experience, etc) and specific metrics (such as a risk coefficient).
The advantages are:
- Ability to import large Excel data sets such as risk matrices
- Intellisense assistance for writing your formulas in the Formula editor
- Large array of built-in functions
Formulas use a simple syntax and can incorporate several steps where the result of a step is used in subsequent steps. They can take into account data sets imported in Excel format from third-party systems.
In the following chapters, you will read about the way to define the input for the formula using arguments, how to built the actual formula in steps and test it, how to use the editor and, finally, how to import data sets from an Excel fine and how you can use the built-in functions for each type of data.