The calculation of risk, vital to determining insurance premiums, relies on precise and complex mathematical and statistical modelling techniques. Insurance analysts use computer algorithms to predict the likelihood of a loss occurring, modelling historic data and information to determine predictive forecasts.
Mango works closely with several leading insurers, building applications, providing consultancy services and support as well as delivering training. Much of this work is around the R programming language which is being increasingly adopted by the insurance industry as it is readily extensible and offers enhanced visualisation and report generation capabilities. R also offers a wealth of packages written specifically to address insurance and actuarial needs such as performance benchmarking, loss distributions modelling, price monitoring and claims reserving.