ANALYSIS AND DEVELOPMENT OF ACTUARIAL FORMULAS
A new type of product called “Multifase” represented a considerable challenge for a major Italian insurance group, a strategic-commercial change that led the company to strongly re-enter the market on a revisited version of itself.
The short time available and the considerable difference in managing the new product compared to those already part of the company’s portfolio up to that time made development a real challenge.
The client decided to create new calculation classes specific for the new unique characteristics of its Multifase product and entrusted the operational task to Gruppo SCAI.
All the transactions performed on life insurance policies (payments, redemptions, payments, etc.) require complex calculations based on actuarial mathematics, a branch of mathematics that finds its application in the financial field and, in particular, in insurance contracts. By direct interfacing with users, the SCAI team carried the analysis and development of actuarial formulas.
It was possible to obtain the calculation results the client desired by using Promos, a specific calculation engine. The client could launch the new product on the market in a short time, using a tool that allows actuaries to write the formulas and perform the programming following functional logics.
In addition to translating the algorithm into languages suitable for the Web and corporate IT systems, Promos allows actuaries to easily interface with all in-house management systems, speeding up operations and reducing the steps required for production.
To follow up on the success of the product implemented, Gruppo SCAI continues its collaboration with the client to develop a new Multifase product.