Milliman launches innovative software for actuarial modeling

By Nam Hyun-woo

For even experts, actuarial modeling and insurance reserving would sound like rocket science. But an innovative software product is expected to enable many to complete advanced computational modeling.

There is one condition: they should understand Microsoft Excel Visual Basic for Application (VBA). That might be challenging for ordinary people but Excel VBA is one of the most accessible programming languages, which even novices can understand.

Milliman announced Thursday its launch of Booster-FMS, the software program designed to increase computational performance for actuarial modeling and insurance reserving. FMS stands for financial modeling solution.

The company said the program is based on graphics processing unit (GPU) technology, which is founded in machine learning, artificial intelligence and driverless cars.

A GPU is an electronic circuit that rapidly manipulates and shifts memory to make images. It is used in mobile phones, computers and game consoles. It is more efficient at manipulating computer graphics and image processing than a central processing unit (CPU).

Milliman said that Booster-FMS contains patented technology and provides an easy-to-use reserving and actuarial modeling tool for those who understand Microsoft Excel VBA codes.

“Our clients were looking for an efficient, cost-effective way to improve their reserving processes. Booster-FMS can accomplish in one hour what it takes traditional software several days to complete,” said An Chi-hong, managing director of Milliman’s Seoul office.

“This is a truly innovative modeling tool that we envision expanding beyond the actuarial space to bring faster processing speeds to risk management and the financial services market.”

Milliman is one of the world’s leading providers of actuarial and related products and services. It offers consulting services in such areas as healthcare, insurance, financial services and employee benefits. Founded in 1947, the outfit has offices in major cities around the world.