The Mortality Improvement Model, MIM-2021-v4
October 2024
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-v4, Tools and User Guides, compose the consistent approach and are defined below.
- A report describing MIM-2021-v4 and changes from the prior version, MIM-2021-v3 as well as issues the Advisory Group are currently considering for future model enhancements.
- An Excel-based tool, MIM-2021-v4 Application Tool, and user guide, MIM-2021-v4 Application Tool User Guide, for practitioners to construct sets of mortality improvement rates under this framework for specific applications.
- An Excel-based tool, MIM-2021-v4b Data Analysis Tool, and instructional video, for practitioners to analyze the historical data sets included in the MIM-2021-v4 Application Tool, as well as an insured dataset developed by the Individual Life Experience Committee (ILEC).
MIM-2021-v4 is the third revision since the initial release in April 2021. This version uses the same underpinning as MIM-2021-v3 but the MIM-2021-v4 individual life insurance and individual/group annuity preselected historical NCHS decile dataset for mortality improvement projection has changed.
Version v4-b of the Data Analysis Tool differs from version v4 in the following respects:
- It includes an insured dataset developed by the Individual Life Experience Committee (ILEC); and
- It contains improved tools for graphing and examining historical mortality data (both general population data and insured data).
Please refer to the May 2024 ILEC report for detailed information about the insured data.
The ILEC report was released in tandem with an Excel workbook that provides a graphing tool for visualizing the data. MIM’s v4-b Data Analysis Tool replicates some of the functionality of the ILEC workbook, so there is some overlap between the two tools. Each tool, however, has some capabilities that the other does not, as explained on the “Contents” worksheet of v4-b of MIM’s Data Analysis Tool.
Report and User Guides
MIM-2021-v4 Report
MIM-2021-v4 Application Tool User Guide
MIM-2021-v4b Data Analysis Tool Instructional Video
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. (User needs to accept before downloading one or both tools).
MIM-2021-v4 Application Tool AGREE (Download Tool) | DISAGREE
MIM-2021-v4b Data Analysis Tool AGREE (Download Tool) | DISAGREE
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
- Haofeng Yu, FSA, MAAA, CERA
- Mark Spong, FSA, CERA, MAAA
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
- Barbara Scott, Senior Research Administrator
- Ronora Stryker, ASA, MAAA, Senior Practice Research Actuary
- Patrick Wiese, ASA, Lead Modeling Researcher
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