Life insurance modeling platforms: Changing landscape

Platforms used for life insurance models have been evolving for a while. But the speed and magnitude of these changes has significantly increased in recent years, mostly due to greater model requirements and information technology (IT) advances. New solutions are using new technologies and methods from IT software and making the border between IT and actuarial models thinner, but the change process is complex. In this paper, we consider the general trends in the industry and look at the markets to understand their direction. After an introduction, we discuss:

• The evolution of life model platforms
• Recent technology developments
• Market trends based on an industry survey