Ensuring Accuracy in Model Updates: Optalitix Models Test Run Feature
When it comes to updating actuarial models, accuracy is crucial. Updating models often carries the risk of errors or unexpected changes, which can ripple through forecasts and projections, impacting critical financial decisions. Our Optalitix Models Test Run feature is here to help modellers navigate these updates with confidence.
Here’s how it works: this feature allows you to test new models against previous versions using either real model points or sample points designated for testing. By comparing the new model calculations with those from a prior version, modellers can ensure that any changes are the ones they had expected. This validation process highlights potential discrepancies, allowing you to detect any errors that may have slipped into the code early on.
This tool offers a valuable perspective on the scale and nature of model changes across a wider portfolio. For instance, by rerunning all prior years’ policies through the new model, you can assess the anticipated impact of rate changes across a new book of business. This capability provides a clear view of the broader financial implications before the model is fully deployed.
Key Benefits of the Model Comparison Feature
- Verify and Validate Model Changes: This feature enables modellers to carefully verify model updates by comparing new versions against previous ones, reducing risks associated with change.
- Reduce Errors in Model Updates: By catching potential errors early, modellers can prevent costly mistakes and ensure that the updates meet the expected standards.
- Understand the Impact of Model Changes Across the Portfolio: Modellers gain insight into the larger effects of their changes, helping them predict and plan for portfolio-wide impacts.
- Improved Efficiency Through Parallel Processing: The feature supports parallel processing of model runs, which reduces the time needed to complete thorough model testing. Faster processing allows for quicker, more agile responses to changes.
- Easily Rerun Historical APIs: With the capability to rerun historical data against new model versions, comparing results becomes straightforward, helping modellers trace outcomes and variations efficiently.
Error free model updates
With the Model Comparison Feature, you can approach model updates with enhanced precision, confidence, and insight into the impacts across your portfolio. Whether assessing the outcomes of a single update or exploring the effects of broader changes, this feature is designed to make the model update process smoother, faster, and more reliable.
