MATLAB® is used by 9 of the top 10 insurance companies in the United States. In South Africa, we have users in major insurance companies around the country, in departments ranging from product development to Asset Liability Management (ALM). Actuaries and quantitative analysts in the insurance industry use MATLAB to:
In the insurance industry, MATLAB is used as a tool to quickly prototype and test ideas. With its powerful computational engine, and the option to speed up calculations using parallel and GPU computing, MATLAB is the ideal environment for running the large number of simulations necessary for regulatory requirements. Once an idea is chosen, MATLAB prototypes can be integrated into third-party environments directly, without the need for recoding, thus saving valuable time in the development cycle. The MathWorks tools are designed for transparency and auditability, which are essential industry requirements, with well-documented function libraries that help with regulatory reporting.