The model development lifecycle that many insurers follow has served the industry well for many years. But the market is moving faster than it ever has before. Increased demand for innovative new product types, policy durations and pricing strategies is starting to expose inefficiencies in the development process, and limiting the effectiveness of the models emerging from it.
This Paper explains how to reduce the time needed to build hand-coded models and accommodate a range of programming languages to quickly respond to market changes.
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