Developing and Improving the Accuracy of Actuarial Calculations for Life Insurance Premiums Using Excel: An Applied Study in the Iraqi Insurance Company

This research aims to develop and enhance the accuracy of actuarial calculations for life insurance premiums in mixed insurance policies at the Iraqi Insurance Company using Microsoft Excel. The objective is to improve operational efficiency and ensure fairness in premium pricing. The study addresses the issue of reliance on traditional manual methods for premium calculations, which often lead to human errors and a lack of accuracy and efficiency. Additionally, the absence of an integrated electronic system that provides precise reports to support strategic decision-making is identified as a key challenge. The research examines the current state of the Iraqi Insurance Company and analyzes the existing operational mechanisms. An electronic model was developed using Excel to apply actuarial equations and improve calculation accuracy. Furthermore, an electronic application interface was designed using Visual Basic for Applications (VBA) to facilitate data entry, analysis, and management. The research findings indicate that adopting this software significantly improved accuracy, reduced human errors, accelerated calculation processes, and enhanced future trend analysis. Additionally, it contributed to higher customer satisfaction by providing fair and precise premium calculations. The study recommends adopting modern electronic systems, ensuring continuous employee training, updating life tables, and integrating advanced technologies, such as artificial intelligence, to enhance risk analysis and insurance pricing.