The Mortality Improvement Model, MIM-2021- V3

Authors

MIM Advisory Group

Table of Contents 

Summary

Report and User Guides

Excel-based Tools

Acknowledgments

Questions or Comments 

Summary

Different mortality projection methodologies are utilized by actuaries across applications and practice areas. As a result, the MIM Advisory Group (“Advisory Group”) developed a single framework to serve as a consistent base for practitioners in projecting mortality improvement. The Mortality Improvement Model, MIM-2021-v3, Tools and User Guides, compose the consistent approach and are defined below.

1. A report describing MIM-2021-v3 and changes from the prior version, MIM-2021-v2 as well as issues the Advisory Group are currently considering for future model enhancements.
2. An Excel-based tool, MIM-2021-v3 Application Tool, and user guide, MIM-2021-v3 Application Tool User Guide, for practitioners to construct sets of mortality improvement rates under this framework for specific applications.
3. An Excel-based tool, MIM-2021-v3 Data Analysis Tool, and user guide, MIM-2021-v3 Data Analysis Tool User Guide, for practitioners to analyze the historical data sets included in the MIM-2021-v3 Application Tool.

MIM-2021-v3 is the second revision since the initial release in April 2021. This version uses the same underpinning as MIM-2021-v2 but the MIM-2021-v3 Application Tool has been enhanced to include a more straightforward user interface and the addition of a preselected parameter set designed as a possible starting point for individual life insurance and individual annuity practitioners.

Report and User Guides

MIM-2021-v3 Report

MIM-2021-v3 Application Tool User Guide

MIM-2021-v3 Data Analysis Tool User Guide

Excel-based Tools

Disclaimer

The Society of Actuaries Research Institute does not warrant these tools as fit for use in any respect, and no warranty whatsoever should be assumed or implied by any individual of this product or its fitness for any particular purpose. Actuaries, insurers, regulators and other parties use this tool at their own risk. The Institute disclaims all responsibility for any party’s use or misuse of its tools and for any work product generated through use or misuse of the tools.

By accepting, I acknowledge that I have read and understand the above disclaimer language.

MIM-2021-v3 Application Tool AGREE (Download Tool) | DISAGREE

MIM-2021-v3 Data Analysis Tool AGREE (Download Tool) | DISAGREE

Video

Acknowledgments

MIM Advisory Group Members:

Larry N. Stern, FSA, MAAA (Chairperson)

Jean-Marc Fix, FSA, MAAA

Sam Gutterman, FSA, MAAA, CERA, FCAS, FCA, HonFIA

Thomas A. Jones, ASA. MAAA

Allen M. Klein, FSA, MAAA

Laurence Pinzur, Ph.D.

At the Society of Actuaries Research Institute:

R. Dale Hall, FSA, MAAA, CERA, CFA, Managing Director of Research

Patrick D. Nolan, FSA, MAAA, Senior Experience Studies Actuary

Jan Schuh, Senior Research Administrator

Ronora Stryker, ASA, MAAA, Senior Practice Research Actuary

Patrick Wiese, ASA, Lead Modeling Researcher

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