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Predicting the profitability of life insurance products

Predicting life insurance profitability is accomplished by making assumptions about parameters such as mortality, lapse rates, and expenses. These assumptions are used to project statutory profits, GAAP profits and model office results.
 We have developed an APL system which allows our actuaries to test the profitability of an insurance product for a variety of assumption sets. This system has simplified the process of specifying which assumptions are to be used and has fully automated the calculations. In doing so, it has virtually eliminated our need for special actuarial packages and has reduced the time needed to price life insurance products.
 This paper examines some considerations faced in the design and definition of this system.