Introduction

Actuarial Modeling Software refers to specialized analytical platforms used by actuaries and risk professionals to model, simulate, and forecast financial outcomes related to insurance, pensions, investments, and enterprise risk. These tools help organizations quantify uncertainty, evaluate long-term liabilities, and comply with increasingly complex regulatory requirements.

In practice, actuarial modeling software is critical for pricing insurance products, reserving and capital modeling, asset-liability management (ALM), scenario testing, and regulatory reporting under frameworks such as IFRS 17 and Solvency II. As insurers face volatile markets, climate risks, longevity shifts, and tighter oversight, accurate and scalable actuarial models have become a strategic necessity rather than a back-office function.

When choosing actuarial modeling software, buyers should evaluate:

• Modeling depth and flexibility (deterministic vs stochastic, cash-flow granularity)
• Ease of use and transparency for validation and audit
• Performance and scalability for large portfolios
• Integration with data warehouses, accounting, and risk systems
• Security, governance, and compliance capabilities
• Vendor support and long-term roadmap

Best for:
Actuarial modeling software is best suited for insurance companies (life, non-life, health), reinsurers, pension funds, consulting actuarial firms, and enterprise risk teams that require robust forecasting, valuation, and regulatory reporting capabilities.

Not ideal for:
These tools may be excessive for very small firms, early-stage insurtechs with simple pricing needs, or non-regulated businesses where spreadsheet-based or general statistical tools are sufficient.

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Top 10 Actuarial Modeling Software Tools

1 — Prophet

Short description:
Prophet is a market-leading actuarial modeling platform widely used by life insurers and reinsurers for cash-flow projections, valuations, and regulatory reporting.

Key features

• Deterministic and stochastic modeling
• High-performance calculation engine
• Flexible product and assumption libraries
• IFRS 17 and Solvency II support
• Scenario and sensitivity analysis
• Model governance and version control

Pros

• Industry standard with broad adoption
• Strong regulatory credibility
• Highly scalable for large portfolios

Cons

• Steep learning curve
• Premium pricing
• Configuration requires skilled actuaries

Security & compliance:
Enterprise-grade access controls, audit trails, regulatory reporting alignment

Support & community:
Extensive documentation, formal training programs, strong enterprise support

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2 — AXIS

Short description:
AXIS is a flexible actuarial modeling system designed for life, health, and annuity products with strong ALM capabilities.

Key features

• Integrated ALM modeling
• Stochastic and deterministic projections
• Customizable modeling language
• Valuation and financial reporting
• Scenario management
• Model transparency tools

Pros

• Highly customizable
• Strong ALM focus
• Trusted consulting heritage

Cons

• Requires technical expertise
• User interface feels dated
• Implementation can be time-intensive

Security & compliance:
Role-based access, auditability, regulatory-ready outputs

Support & community:
Strong consulting support, detailed documentation, smaller user community

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3 — MoSes

Short description:
MoSes is a powerful actuarial modeling system focused on detailed liability modeling for life insurance and pensions.

Key features

• Granular cash-flow modeling
• Stochastic simulation engine
• Custom scripting capabilities
• Regulatory valuation support
• High-performance batch processing
• Model reuse and modular design

Pros

• Extremely flexible modeling
• Suitable for complex products
• Proven performance at scale

Cons

• Complex to learn
• Limited visual interface
• Heavy reliance on technical users

Security & compliance:
Strong governance controls, compliance-oriented outputs

Support & community:
Professional support, formal training, niche but expert community

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4 — RiskAgility FM

Short description:
RiskAgility FM is an enterprise actuarial modeling platform built for IFRS 17, Solvency II, and economic capital calculations.

Key features

• Unified financial modeling framework
• IFRS 17 and Solvency II engines
• Scenario and stress testing
• Integrated reporting layer
• Model governance workflows
• High-performance computation

Pros

• Designed for modern regulations
• Strong integration with risk systems
• Scalable enterprise architecture

Cons

• Expensive for smaller firms
• Implementation complexity
• Requires structured data readiness

Security & compliance:
Enterprise security, audit logs, regulatory compliance focus

Support & community:
Strong vendor support, structured onboarding, enterprise user base

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5 — MG-ALFA

MG-ALFA

Short description:
MG-ALFA is a modeling and reporting platform tailored for actuarial valuation and financial reporting.

Key features

• Modular actuarial modeling
• Deterministic and stochastic runs
• Reporting and disclosure tools
• Assumption management
• Product configuration libraries
• Batch processing automation

Pros

• Reporting-friendly design
• Flexible model structure
• Strong actuarial alignment

Cons

• Less intuitive UI
• Smaller ecosystem
• Limited non-insurance use

Security & compliance:
Access controls, audit support, regulatory reporting readiness

Support & community:
Consulting-driven support, good documentation, smaller community

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6 — SAS Actuarial Modeling

Short description:
SAS Actuarial Modeling combines advanced analytics with actuarial calculations for pricing, reserving, and risk modeling.

Key features

• Advanced statistical and predictive analytics
• Integration with SAS data platform
• Scenario and sensitivity analysis
• Regulatory reporting support
• Visualization and reporting
• Enterprise data governance

Pros

• Powerful analytics engine
• Strong data handling
• Enterprise-ready platform

Cons

• High total cost of ownership
• Requires SAS expertise
• Overkill for simple use cases

Security & compliance:
Enterprise security, governance, compliance frameworks

Support & community:
Extensive documentation, global support, large analytics community

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7 — RAFM

Short description:
RAFM (RiskAgility Financial Modeller) focuses on economic capital and financial risk modeling for insurers.

Key features

• Economic scenario generation
• Capital and risk aggregation
• Stochastic projections
• Financial reporting alignment
• Scenario comparison
• Scalable computation engine

Pros

• Strong risk modeling
• Capital management focus
• Regulatory alignment

Cons

• Narrower scope than full PAS
• Requires skilled modelers
• Premium pricing

Security & compliance:
Audit trails, access controls, regulatory-oriented design

Support & community:
Enterprise support, expert user base, focused documentation

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8 — Integrate

Short description:
Integrate is a cloud-enabled actuarial platform designed to connect models, data, and reporting workflows.

Key features

• Cloud-based execution
• Model orchestration
• Data integration pipelines
• Scenario management
• Reporting automation
• Collaboration features

Pros

• Modern architecture
• Improves actuarial workflows
• Scalable execution

Cons

• Depends on underlying models
• Less standalone modeling depth
• Adoption still growing

Security & compliance:
Cloud security standards, role-based access, audit support

Support & community:
Good onboarding, responsive support, growing community

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9 — Tyche

Short description:
Tyche is an insurance analytics platform that supports actuarial modeling, reserving, and financial analysis.

Key features

• Reserving and projection tools
• Stochastic modeling
• Visualization dashboards
• Scenario analysis
• Data integration
• Reporting outputs

Pros

• User-friendly interface
• Strong visualization
• Faster onboarding

Cons

• Less depth for complex products
• Smaller vendor footprint
• Limited customization

Security & compliance:
Standard enterprise security, varies by deployment

Support & community:
Good customer support, smaller but active user base

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10 — Unify

Short description:
Unify is designed to streamline actuarial and finance collaboration through integrated modeling and reporting.

Key features

• Unified actuarial-finance models
• Scenario testing
• Workflow automation
• Reporting alignment
• Data consistency checks
• Collaboration tools

Pros

• Improves cross-team alignment
• Simplifies reporting
• Modern design

Cons

• Limited advanced modeling depth
• Best as part of broader stack
• Smaller ecosystem

Security & compliance:
Role-based access, audit support, varies by deployment

Support & community:
Vendor-led support, improving documentation, niche community

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Comparison Table

Tool Name	Best For	Platform(s) Supported	Standout Feature	Rating
Prophet	Large insurers & reinsurers	Windows / Enterprise	Industry-standard modeling engine	N/A
AXIS	ALM-focused actuarial teams	Windows	Integrated ALM modeling	N/A
MoSes	Complex liability modeling	Windows / Enterprise	Extreme modeling flexibility	N/A
RiskAgility FM	IFRS 17 & Solvency II	Enterprise	Regulatory-first design	N/A
MG-ALFA	Valuation & reporting	Windows	Reporting-friendly models	N/A
SAS Actuarial Modeling	Data-driven enterprises	Enterprise	Advanced analytics	N/A
RAFM	Capital & risk modeling	Enterprise	Economic capital focus	N/A
Integrate	Cloud actuarial workflows	Cloud / Hybrid	Model orchestration	N/A
Tyche	Mid-size insurers	Cloud / Desktop	Visualization	N/A
Unify	Actuarial-finance alignment	Cloud	Unified workflows	N/A

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Evaluation & Scoring of Actuarial Modeling Software

Criteria	Weight	Explanation
Core features	25%	Breadth and depth of actuarial modeling capabilities
Ease of use	15%	Learning curve, UI, transparency
Integrations & ecosystem	15%	Data, accounting, and risk system connectivity
Security & compliance	10%	Governance, auditability, regulatory alignment
Performance & reliability	10%	Scalability and computational efficiency
Support & community	10%	Documentation, training, vendor support
Price / value	15%	ROI relative to cost and capability

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Which Actuarial Modeling Software Tool Is Right for You?

• Solo users & small firms: Look for simpler tools with faster onboarding and lower cost, even if modeling depth is limited.
• SMBs: Balance usability with regulatory support; visualization and workflow tools add value.
• Mid-market insurers: Prioritize scalability, scenario analysis, and integration with finance systems.
• Enterprises & reinsurers: Choose industry-standard platforms with proven regulatory acceptance, performance, and governance.

Budget-conscious vs premium: Premium tools deliver depth and credibility, while lower-cost options trade flexibility for speed.
Feature depth vs ease of use: Advanced engines require skilled actuaries; user-friendly tools reduce operational friction.
Integration & scalability: Essential for IFRS 17, capital modeling, and multi-entity reporting.
Security & compliance: Non-negotiable for regulated insurers and public companies.

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Frequently Asked Questions (FAQs)

1. What is actuarial modeling software used for?
It is used to model insurance liabilities, pricing, reserves, capital, and financial outcomes under uncertainty.

2. Is actuarial modeling software only for life insurance?
No. It is used across life, health, pensions, general insurance, and reinsurance.

3. How important is regulatory support?
Critical for insurers operating under IFRS 17, Solvency II, or similar regimes.

4. Can these tools replace spreadsheets?
They complement or replace spreadsheets for complex, large-scale, and regulated modeling.

5. Are cloud-based actuarial tools safe?
Yes, when they include enterprise security, access controls, and audit trails.

6. How long does implementation take?
From weeks for simple tools to several months for enterprise platforms.

7. Do these tools require coding skills?
Many require actuarial scripting or configuration, though some offer low-code interfaces.

8. What is the biggest buying mistake?
Choosing a tool that is too complex or too limited for future regulatory needs.

9. Are open-source alternatives viable?
They exist but usually lack regulatory acceptance and enterprise support.

10. How do actuaries validate models?
Through transparency, documentation, governance workflows, and independent review.

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Conclusion

Actuarial modeling software plays a foundational role in how insurers and financial institutions understand risk, value liabilities, and make long-term strategic decisions. The tools reviewed here range from industry standards to modern workflow platforms, each with distinct strengths and trade-offs.

What matters most is aligning the tool with your organization’s size, regulatory environment, modeling complexity, and actuarial maturity. There is no universal “best” solution—only the best fit for your specific needs. By focusing on modeling depth, usability, integration, and governance, teams can confidently select a platform that supports both today’s requirements and tomorrow’s uncertainty.