Montoux, a provider of AI and actuarial modelling technology has launched Model Copilot, a generative AI copilot designed specifically for actuaries to transform actuarial work by automating the most time-consuming aspects of model documentation and governance.
The copilot has a suite of features aimed at tackling the complexities of model documentation and governance. It aims to assist actuaries in the understanding, documenting, and maintaining of models with an unprecedented level of clarity, accuracy, and efficiency.
The firm says that its Model Copilot enables actuaries to focus on strategic decision-making and analytical tasks, significantly enhancing productivity and the quality of outputs.
The key benefits of this model include documentation, time efficiency and ease of implementation.
Model Copilot generates comprehensive, clear, and concise documentation that meets and exceeds industry standards. Hence, automating large components of the documentation process drastically reduces the time actuaries need to spend on manual documentation. Along with being consistently able to document across all models in an estate, minimizing the risk of human error and enhancing the reliability of actuarial work.
It also requires no actuarial system migration of models, with insurers just uploading model information and documentation standards. It can be deployed via Montoux’s secure cloud environment or within the insurer’s, and users can also choose their preferred LLM and configure the application to meet their internal data security and privacy requirements.
Klaas Stijnen, Co-Founder and Co-Chief Executive Officer, Montoux, commented, “Model Copilot represents a significant leap forward in the integration of generative AI within the actuarial field. We are committed to providing innovative solutions that empower actuaries, and Model Copilot is a testament to this commitment.
“By automating and enhancing model documentation, we’re not only improving the efficiency and accuracy of actuarial work but also setting a new standard for the industry. Model Copilot’s feature set will expand greatly over time to solve additional challenges that actuaries face in their day-to-day work.”
