Practical, extensible, and open-source actuarial modeling and analysis.

Universal Life (UL) Policy Mechanics as a Differential Equation

The screenshot below shows a Pluto.jl notebook that replicates basic universal life policy mechanics, but hooks into the rich DiffEq/SciML ecosystem that Julia has. With that, one could perform many types of analysis of the behavior of the dynamical system that is a modern life insurance product. This type of approach may be too "heavy" for most workflows, but may be worth investigating.

Instructions to Run

Because JuliaActuary doesn't have a beefy server to run this on and let anybody run/visualize thousands of stochastic scenarios, for this one you have to run it locally. This notebook hooks into a lot of dependency packages so may take a moment to run the first time you open.

  1. Open a Julia REPL and copy and paste the following:

# install these dependencies
import Pkg; Pkg.add(["Pluto"]) 

# use and start Pluto
using Pluto; Pluto.run()
  1. In the Pluto window that opens, enter this URL into the Open from file: box: