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How do I Choose the Best Actuarial Software?

By Angela Farrer
Updated May 16, 2024
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Actuaries perform calculations using advanced statistical algorithms, and choosing a good actuarial software package is essential to streamlining this process. The best actuary software package is the one that best fits the needs of actuaries, their employers and their clients. Some software is designed to perform actuary data analysis across a range of business fields. Other types of actuarial software are more specialized and are meant to be used in specific areas, such as stock market investing analysis or insurance premium calculation. Some things to consider when choosing actuarial software are whether it must be able to create more than one type of insurance policy, the ways that it allows the user to share useful information with others and whether the software includes web connectivity.

Actuary statistical analysis is the process of creating useful, understandable information out of raw mathematical data. Customizable actuarial software has become more widely available, allowing actuaries to formulate models specific to company practices. Risk analysis with this type of technology creates scenarios based on established rules of logic, such as "what if" or "if ... then" statements. Correctly entering these statements into an actuarial software interface determines the amount of coverage available to individual insurance customers as well as how much they should be paying in premiums. Actuaries also model policy data to make sure their companies are offering the right amount of coverage to remain competitive while still making profits.

One category of actuarial science software is known as property and casualty (P&C) insurance software. When actuaries enter data into tables or charts using P&C insurance software, customized policies for homeowner's insurance or renter's insurance are created within specific parameters. Life and health insurance companies use similar actuarial software for the same purpose. For insurance companies that sell more than one type of coverage, the best actuarial data analysis software should be able to generate policies with the same level of detail for each insurance type.

The best actuary software is not only flexible for different industry areas, it also has features that easily relay information to company officials, who might not be actuaries themselves. Insurance company owners need to be kept up to date on current accounts and policies that might be of concern to the company. Actuarial software that can translate data into concise charts, graphs and reports is software that is especially beneficial for both large and small enterprises.

The financial sector has additional considerations when it comes to selecting actuarial software. Actuaries who assess stock market conditions and give investing recommendations need to have quick access to the most current numbers from the stock exchange. Then they need to be able to plug those numbers into their risk analyses to generate reports of which investments should be carried out and which ones should be avoided. Software platforms that include web connectivity to market updates are the best choices for actuaries who manage this type of financial data.

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