Model Development

Every few years, life insurance modelling circles back to a familiar idea: “Surely we can build this ourselves now?”

Open-source languages are mature. Cloud infrastructure is cheap and elastic. Numerical libraries are faster than ever. On the surface, the case for fully open-source financial modelling feels stronger than it ever has.

And yet, time and again, large-scale internal build attempts quietly stall, get re-scoped, or end up re-introducing vendor platforms through the back door. This isn’t because open source has failed actuarial modelling. It’s because life insurance modelling turns out to be much more than code.

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Over the last decade a number of free / open source database environments such as PostgreSQL and MySQL have emerged to challenge the traditional players like Microsoft SQL Server and Oracle.  Like PostgreSQL and MySQL, SQLite has found favour with lone developers using limited data sets or developing lightweight applications.  Even users of SQL Server Express Edition have moved to SQLite, where compatibility with the full edition of SQL Server isn’t a significant requirement.

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It is not uncommon for multiple model developers to want to work on the same project. Changes made by each developer need to be added in to a central codebase to ensure there is always one source of the truth. Another common requirement is to be able to carry out code reviews, to check how one version of a model differs from the previous version, or to peer review an individual’s model developments.

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When trying to model any product there are various elements that it can be helpful to have to hand.One such element is a sample model for the specific product that shows how to model some of the possible features under one or more use cases. Within Mo.net Model Development Studio you will find several of these lightweight samples to help accelerate your modelling projects. The Funeral Plan project has just been added to the samples for the next release and is one of the more fully featured examples. This was developed in partnership with Insight Life Solutions.

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