EAA Web Session From Excel Tariff Calculators to LLM-Powered Python Code

Excel-based tariff calculators remain a cornerstone of actuarial work in life insurance, but they come with well-known limitations: complex formulas and embedded VBA code, a lack of transparency, and difficulties in scaling or integrating with modern IT environments. For actuarial migrations and product validations, these tools are still widely used – yet they are also one of the main bottlenecks when it comes to efficiency and reproducibility.
Recent advances in Large Language Models (LLMs) provide new opportunities to overcome these challenges. Instead of manually rewriting legacy Excel logic, actuaries can now use LLMs to automatically port existing tariff calculators into structured, well-tested Python code. This enables reproducibility, improves maintainability, and opens the door for automation in future
actuarial workflows.
In this web session, we will showcase two complementary approaches to this task. The first approach is a “crafted” workflow, where actuaries interact directly with the LLM using screenshots, formulas, and VBA modules to achieve a working Python prototype within a short time. The second approach is an “industrial” workflow, designed for repeatability and automation, where Excel structures are systematically exported into text formats and processed end-to-end by the LLM. Both approaches will be illustrated with a real-life life insurance example, highlighting their strengths, limitations, and practical implications.
Participants will not only see how LLMs can handle complex actuarial logic, but also how such methods can reduce manual effort, accelerate migration projects, and prepare actuarial teams for a future where AI becomes a natural part of actuarial toolchains. The session bridges the gap between everyday actuarial work in Excel and modern coding environments, showing how actuaries can leverage LLMs to make the transition both approachable and scalable.