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Nice Technologies Revolutionizes Actuarial Modeling with 'Nice Engine'

On March 18, 2025, Nice Technologies introduced its groundbreaking platform, the Nice Engine, a solution aimed at redefining how actuaries approach their modeling tasks. In today's fast-paced environment, actuaries face numerous challenges, including rapidly evolving technological landscapes, new regulatory demands, and the necessity for diverse skill sets. Recognizing this crossroads, the founders of Nice Technologies set out to create a product that addresses these pressing needs.

Founded by a team of seasoned actuaries and tech experts, Nice Technologies built the Nice Engine to specifically cater to the burgeoning markets of Pension Risk Transfer (PRT) and Longevity Risk Transfer (LRT). What sets Nice Engine apart is its ability to harness the enhanced technical skills of actuaries. As more professionals gain proficiency in programming languages like Python and R—especially after the recent inclusion of R in actuarial exams—Nice Engine integrates these languages into its framework. By combining familiar interfaces such as Excel and Visual Studio, the platform simplifies the entire modeling process, allowing actuaries to expand their skills and maintain their professional relevance.

Igor Nikitin, Co-Founder and CEO of Nice Technologies, emphasized the company’s philosophy: “We’re not just building software; we’re enhancing actuaries’ professional growth by reinforcing universally valuable skills.” This commitment to empowerment is reflected in how Nice Engine has been designed not only as a tool but as a means for actuaries to thrive throughout their careers.

The creation of Nice Technologies stemmed from firsthand experiences faced by its founders during their careers in actuarial management. They encountered various hurdles, from lengthy modeling projects to the high costs associated with cloud computing and insufficient training on existing software. Driven by these challenges, Nikitin, along with Tyler Furman, Jose Sanchez, and Jason Furman, envisioned a platform that was user-centric, practical, and cost-effective.

With Nice Engine, users will benefit from significant reductions in both quoting timelines and model development cycles—potentially cutting these times by 50% and 80%, respectively. This enhanced efficiency is further complemented by a unique business model that promotes client productivity, yielding up to 70% improvements through streamlined operations and reduced costs. Clients also have the freedom to choose cloud services and consulting providers, enhancing flexibility in deployment.

One of the standout features of Nice Engine is that it offers clients full access to the underlying Python source code. This transparency allows actuaries to utilize modern software development tools, such as Visual Studio and DevOps, fostering increased governance and productivity in a manner that traditional software simply cannot provide. “Our clients have exclusive access to the underlying Python code, ensuring their actuarial modeling and skills remain adaptable and future-proof,” Nikitin explained.

To facilitate a smooth transition, Nice Technologies complements its software with a personalized, coaching-style onboarding experience. This initiative ensures that actuaries are well-equipped to fill any knowledge gaps and empowers them to become independent, adept users of the Nice Engine.

Beyond merely a software provider, Nice Technologies aims to cultivate a supportive community among its users by offering tailored integration options and onboarding tactics. This comprehensive strategy promotes the growth of actuaries, ensuring they are competently prepared to tackle today’s challenges and adapt to future industry changes.

In conclusion, Nice Technologies with its innovative Nice Engine marks a significant turning point not just for the company but for the broader actuarial industry. By bridging the gap between technology and actuarial expertise, the Nice Engine positions actuaries for success in an ever-evolving landscape. To learn more about Nice Engine, book a demo, or schedule an interview with the founders, visit www.nicetechnologies.com.

About Nice Technologies

Nice Technologies is devoted to transforming actuarial modeling, creating empowering, cost-effective, and user-friendly experiences specifically designed for Pension and Longevity Risk Transfer actuarial teams.