Top 10 Best Actuarial Modeling Software of 2026

FIS Prophet is a premier actuarial modeling platform tailored for the life insurance, pensions, and annuity sectors, enabling complex stochastic projections, asset-liability management, and regulatory reporting. It supports a vast array of products from traditional life policies to variable annuities with embedded options, leveraging advanced simulation engines for risk assessment and valuation. The software integrates seamlessly with enterprise systems, providing actuaries with robust tools for scenario testing, economic capital calculations, and compliance with standards like IFRS 17 and Solvency II.

Moody's AXIS is a comprehensive actuarial modeling platform designed for insurance and pension risk management, enabling users to build, validate, and run deterministic and stochastic models for life, annuities, health, P&C, and group products. It supports key regulations like IFRS 17, LDTI, Solvency II, and ORSA, with tools for scenario generation, asset-liability modeling, and profitability analysis. AXIS excels in enterprise-scale deployments, offering high-performance computing for rapid model execution and deep customization via its AMS scripting language.

FIS Mo.net is a robust actuarial modeling platform from FIS Global, tailored for life insurance companies to conduct stochastic and deterministic modeling for pricing, reserving, asset-liability management, and regulatory reporting. It supports complex product modeling across annuities, life insurance, and pensions with high-performance simulation engines. The software excels in handling large-scale projections and integrates with FIS's broader insurance suite for seamless data flow.

PolySystems, developed by Milliman, is a robust actuarial modeling platform designed for insurance companies to build, test, and manage complex financial models for life insurance, annuities, pensions, and health products. It supports both deterministic and stochastic modeling, asset-liability integration, and regulatory reporting requirements like LDTI, IFRS 17, and Solvency II. The software excels in handling large-scale enterprise deployments with high-performance computation for scenario testing and risk analysis.

FIS Igloo is a cloud-native SaaS platform tailored for life insurers, providing advanced actuarial modeling tools for product development, pricing, reserving, and financial projections. It supports deterministic and stochastic modeling, scenario analysis, regulatory reporting, and seamless integration with policy administration systems. The software emphasizes speed, scalability, and collaboration, enabling actuaries to build and test complex models efficiently.

Milliman ResQ is a comprehensive actuarial modeling platform tailored for life, annuity, and health insurance products, enabling deterministic and stochastic cash flow projections, liability valuations, and risk analysis. It incorporates Milliman's proprietary experience data, assumptions, and pre-built models to support regulatory standards like IFRS 17, US GAAP LDTI, and Solvency II. The software excels in enterprise-scale modeling with robust scenario generation and sensitivity testing capabilities.

SAS Risk Management for Insurance is an enterprise-grade analytics platform from SAS that enables insurers to perform advanced actuarial modeling, risk assessment, and capital management across life, property & casualty, and health insurance lines. It supports stochastic simulations, reserving calculations, pricing optimization, and predictive modeling using traditional actuarial methods integrated with AI and machine learning. Built on the SAS Viya platform, it handles massive datasets and delivers real-time insights for regulatory compliance like IFRS 17 and Solvency II.

Lumivero @RISK is an Excel-based risk analysis add-in that performs Monte Carlo simulations to model uncertainty in spreadsheets. It excels in actuarial applications like stochastic reserving, pricing models, and capital adequacy projections by replacing fixed values with probability distributions. The software supports correlation, sensitivity analysis, and scenario testing, providing probabilistic forecasts essential for insurance risk management.

MATLAB, developed by MathWorks, is a high-level programming language and interactive environment specialized in numerical computing, data analysis, and visualization. For actuarial modeling, it supports stochastic simulations, risk management, financial instrument pricing, and predictive modeling through dedicated toolboxes like the Financial Toolbox, Statistics and Machine Learning Toolbox, and Risk Management Toolbox. It enables actuaries to build custom models for insurance reserving, asset-liability management, and scenario testing with high computational efficiency.

R is a free, open-source programming language and environment for statistical computing and graphics, with the actuar package providing specialized tools for actuarial modeling. The actuar package offers functions for fitting loss distributions, credibility theory, ruin probabilities, and aggregate claims modeling using methods like Panjer recursion. It excels in customizable simulations, GLM-based ratemaking, and integration with R's broader ecosystem for data analysis and visualization in insurance contexts.