Julia is a general-purpose open-source programming language that debuted in 2012, prioritizing ease of use and execution efficiency. In this paper, we explore Julia’s potential in the insurance industry by contrasting its capabilities with other popular languages including Python, Rust, .NET (C#), and C++, focusing on development efficiency and processing performance. We also introduce Mojo, a new programming language released in 2023. We discuss:
- What is Julia?
- What are the language’s data analytics packages and tools?
- Use cases in insurance-related fields
- Commentary on the language’s pain points
An actuary’s guide to Julia: Use cases and performance benchmarking in insurance
We explore how actuaries can leverage the programming language Julia to help balance development and runtime costs when creating new products and tools.