Actuarial Modelling Softwares (Part-1)
If you are an Actuarial fresher, this question must come into your mind that, which software is used in Actuarial Modelling?
I discussed this question with my Actuarial friends and some Actuarial professionals, and after adding my experience also, I collected some vital read for Actuarial students.
Actuarial Modelling can be done using different software, every company is using particular software as per their convenience.
I can't disclose the name of which company using which software, but I am mentioning some mostly used software for Actuarial Modelling.
Microsoft Excel: We all know the usage of this software, but we don't know how to do Actuarial Modelling using Microsoft Excel. Microsoft Excel is mostly used by Life Insurance companies for modelling purpose, but the main limitation of doing Actuarial Modelling using Excel is you can load only 1,048,576 rows by 16,384 columns in one sheet. So, if you have a large quantity of data, Excel becomes unuseful for you.
SQL: The companies dealing with a large quantity of data are using SQL for Actuarial Modelling. There is no limit of data quantity in SQL, that's why SQL is one of the most used software for Actuarial Modelling.
Continued in the next article...
Written by: Kalpesh Agrawal (Actuarial Intern-IIB)