The Wolfram Solution for

Actuarial Sciences

Design predictive or data modeling tools for insurance claims, instantly analyze data from Wolfram|Alpha and your spreadsheets, and present fully interactive charts and reports—a complete workflow.

Underlying the Wolfram actuarial sciences solution is the integration of statistical and financial computations into a single system, along with syntax-free commands and web or local deployment.

Using instantly accessible built-in or imported data to create interactive charts
The Wolfram Edge
How Wolfram Compares
Key Capabilities

Wolfram technologies include thousands of built-in functions and curated data on many topics that let you:

  • Import life tables or other spreadsheets and easily do complex calculations
  • Calculate present values of expected premiums or benefits to set pricing for insurance policies
  • Create interactive tools for quick calculations or presentations and deploy them to others with Wolfram CDF Player or webMathematica
  • Visualize your data in any way you choose, including creating interactive plots
  • Compare possible premiums and payments of several policies
  • Predict the number of events or survivors with built-in Nelson-Aalen and Kaplan-Meier estimators
  • Rapidly design policies to meet regulatory demands
  • Develop operational predictive modeling tools to improve handling of key aspects of some common property and automobile insurance claims

Simulate adverse selection by interactively varying risk aversion and risk distribution

Let your clients explore scenarios and engage with results

Next: How Wolfram Compares
The Wolfram Edge
How Wolfram Compares
Key Capabilities

Does your current tool set have these advantages?

  • Gain accuracy and reliability for your premium and payout calculations by performing symbolic computations, not just numeric ones
    Excel and statistical packages have built-in routines that only handle numeric calculations
  • Ensure accurate results in probability and financial calculations with fully automated precision control and arbitrary-precision arithmetic
    All systems like Excel or statistics programs that rely on machine arithmetic can show critical errors due to numerical accuracy failure
  • Create highly customized, presentation-quality visualizations, including line graphs, bar charts, and scatter plots, to share results with others
    SPSS requires explicit programming for customized charts
  • Work with 35 properties of 100 new distributions with specialized coverage for insurance and finance
    The Wolfram Language has more built-in distributions than any other system
  • Refer to interactive examples specific to actuarial science and insurance in the documentation
  • Import, analyze, and deliver results in one interactive document instead of across several applications

Generate random data from a component mixture distribution

Interactively explore age-structured models

Next: Key Capabilities
The Wolfram Edge
How Wolfram Compares
Key Capabilities
  • Integrate with Microsoft Excel with Mathematica Link for Excel »
  • Calculate with built-in traditional mathematical notation that can be extended with standard actuarial notation
  • Built-in symbolic and numeric time-value-of-money computations and interest rate calculations for continuous or discrete time processes and term structures, plus Wolfram Finance Platform's additional finance-specific tools and real-time data access

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