Montoux Integrates Generative AI Technology to Accelerate Actuarial Model Development

Montoux, the actuarial automation platform for the world’s most effective actuaries, is integrating generative AI technology to accelerate actuarial model migration and development. Montoux is leveraging this technology to provide its life insurance customers with a dramatically accelerated model migration process away from legacy actuarial systems and into the Montoux platform. Typical model migration projects can take over five years and cost tens of millions, limiting broader and more meaningful life insurance modernization. Partially thanks to generative AI, model migration projects onto Montoux reduce the time and cost by upwards of 75%.

Generative AI in the Platform

Montoux's platform enables AI to deeply comprehend actuarial models. This allows for text-based model understanding, creation, and execution tools, making specific model components easily accessible. Actuaries can simply ask, "Can you provide all variables that calculate premiums and surrender benefits?" or request additional risk factors for policyholder databases and premium tables. Further possibilities include capital allocation inquiries, such as requesting the AI to allocate $50 million to the correct product lines to achieve the best return on capital.

AI’s potential benefits are immense, but the human component of actuarial modeling is equally important. Montoux turns AI into an effective and incredibly efficient actuarial tool, while ensuring end-user verification of AI-generated content.

“AI can provide significant actuarial productivity gains, particularly in model migrations.” said Montoux Co-founder and Chief Product Officer Klaas Stijnen. “One of generative AI’s key strengths is understanding any programming language, even new or unfamiliar ones. We apply generative AI to accelerate actuarial model migration into the Montoux platform. This use case perfectly combines generative AI and actuarial capabilities. While generative AI is incredibly powerful, we must be aware of its limitations and faults. Montoux enables users to quickly verify whether the mathematical constructs created by generative AI are correct and easily make modifications if needed. The actuary remains in complete control, ensuring models are correctly migrated.”

Security and Privacy

Data security and privacy are and have always been fundamental to Montoux’s technology as well as our commitment to clients and the broader community. Montoux is committed to maintaining the highest possible standards in these areas. By implementing robust security measures and adhering to stringent data protection practices, Montoux ensures sensitive information processed by its AI-powered platform is safeguarded at all times. With regular audits and continuous monitoring, Montoux prioritizes the privacy and protection of customer data while delivering exceptional actuarial automation solutions.

About Montoux

Montoux is the actuarial automation platform of choice for the world’s most effective actuaries. Montoux’s cloud native technology allows life and health insurance actuaries to generate results faster, incorporate more risk scenarios into their calculations, and improve the quality of their decisions. Customers include several of the world’s leading insurance providers across North America, Europe and Asia Pacific, and the company has been listed on Insurtech100 and AIFintech100 lists as one of the most innovative tech companies in the world.

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