Actuarial Modelling Softwares (Part-2)
In part-1, we discussed two Actuarial Modelling Softwares Excel and SQL.
Let's see the other software used for Actuarial Modelling.
R-software: R is one of the most used programming languages by statisticians and data miners. R is a free and open-source software for Statistical computing and Graphical presentation. This is a free tool, and that is one of the reasons for its popularity for modelling work also. You can develop different types of models on R, as per your requisite. Based on my research, I came to know that many General Insurance companies are using R- software for their modelling work.
Prophet: Prophet is a less known but most reliable and easy to use, modelling software for Actuarial Modelling. The prophet is not used by everyone because of its higher cost. But, due to so many special features provided by Prophet, it is the top used software for Actuarial Modelling with clients from more than 70 countries.
There is no specific software used by every company, that depends on the management of the company and the willingness to spend the money on Modelling Softwares.
Sometimes software is chosen based on the need of the company.
Some other software like VBA, Julia, and Python is also used for Actuarial modelling.
Written by: Kalpesh Agrawal (Actuarial Intern - IIB)