For decades, Excel has been the go-to tool for actuaries, used to price insurance, calculate reserves, and model risk. But according to Akur8, a leading actuarial modelling software provider, the spreadsheet is no longer fit for purpose in today’s fast-evolving insurance landscape.
While spreadsheets offer convenience and flexibility, they fall short when actuarial models become complex.
Building models like Tweedie, applying machine learning, or even running advanced GLMs often requires custom code or external tools. The result is time-consuming workarounds, increased risk of error, and less time spent on actual analysis.
The bigger concern is operational risk. Actuarial work demands a clear audit trail and transparency, yet spreadsheets lack version control, making it hard to track changes, validate inputs, or collaborate effectively across teams.
Files get duplicated, formulas break, and the potential for inconsistency grows with every new version saved as “final_final_v3.”
Akur8 and similar platforms offer a modern alternative, purpose-built actuarial solutions that combine advanced analytics with automation, version tracking, and data governance. These tools are designed to scale with business needs, support regulatory requirements, and reduce the risks associated with legacy processes.
Excel isn’t going away, but it’s no longer enough on its own. As insurance companies face increasing regulatory scrutiny and growing data complexity, actuarial teams are rethinking their toolkit. For many, the first step is moving beyond spreadsheets.
Read the full blog from Akur8 here.
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