Development of an insurance calculator
Allvisa Consult
The Allvisa Consult project consists of two core applications:
Actuarial reserve calculator (ARC)
The application makes it possible to determine the necessary actuarial reserve for existing pensions. Or simply put, it calculates how much capital a pension institution should have available to pay out future pensions.
To do this, public statistics are used to take probabilities relating to mortality rate, gender, age and year of birth into account in the calculation. The input and output of this data is done via dynamically generated Excel tables.
The calculation can be configured with various parameters. For example, it is possible to select which statistics on life expectancy should be used for the calculation or the calculation can be adjusted by individual weightings of factors such as the probability of invalidity.
During the calculation, the application continuously outputs the progress as well as any warnings and information. The warnings help the user to quickly narrow down which input values do not meet expectations and need to be adjusted. The calculation can also be carried out with incomplete values, so that a result and a list of necessary adjustments are already output after a first run.
Insurance services (IS)
Pension service providers must calculate service costs required by law. The function was built into the Allvisa Consult application to enable institutions to plan their insurance services more efficiently and accurately.
The calculation of service costs is thereby an extension of the basis from the AR calculator explained earlier. It was possible to reuse the calculated probabilities and inventory figures, which reduced the effort required to develop the IS calculator. Data input and output are also done via Excel spreadsheets. In order to gain an insight into the intermediate steps of a calculation, it is also possible to output individual cases separately. This makes it possible to retrieve many additional intermediate values and details for the calculations.
Past calculations are historised in the application. Thus, it is possible to see in a list which previous calculations were carried out with which input parameters for which customers.
Analogous to the Allvisa Consult application, the calculation is also completed in the case of missing values in order to generate a complete list for the user with information on the input as well as an initial result with certain assumptions.
Technologies used
Both applications were developed in Java or Kotlin with Spring Boot Framework and Angular with a TypeScript frontend.
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