The company ‘Mountex’ has been leveraging the AWS (Amazon Web Services) for the purpose of developing the ground breaking technology for the purpose of migrating the actuarial model from the past generation actuarial systems via the use of the application of deep learning algorithms and also the high performance computing. This strategy is going to be decreasing the actuarial process from 6 to 12 months to days.
The new technology is requiring the inputs and outputs only from the legacy system and it does not need proper knowledge from the model, that is going to be migrated, along with the decreasing time and cost of adopting the technology.
Glenn Hoffman, chief analytics officer at New York Life said about the value proposition of Montoux that, migrating off the legacy systems have been enabling the insurers for improving the ability of the company for leveraging the technology and data for considering the different scenarios along with improving the decision making, and the technology advancements like the relationship between Montoux and the Amazon Web Services (AWS) is going to help the industry for modernizing and pushing forward.
Chad Hersh, global strategy lead for life insurance at AWS said, the insurer customers of the Amazon Web Services have often been articulating the need for the differentiated and new products, along with the need for rethinking the profitability and pricing of the existing business.
He also said, the actuaries are typically needing to be able to operate or run the model more frequently at low cost in order for developing the unique products at a more fast rate.