Milliman Inc. says it has come out with a version of the MG-ALFA software that can handle more sophisticated statistical modeling than the old version could.

The MG-ALFA software is actuarial projection software that can create forecasts by running simulations indicating how an insurance product or company might perform under many different conditions.

Milliman, Seattle, says the latest edition, Version 6.7, can work with the Windows HPC Server 2008 system.

The new version also comes with new options for modeling how changes in market conditions will affect policyholder behavior, new features designed for users interested in stock-indexed products, and cluster modeling technology that can be used to handle stochastic models.

Stochastic models show how a company or product might perform in a large number of different scenarios.

Stochastic modelers might use dozens, hundreds, thousands or even millions of scenarios.

MG-ALFA Version 6.7 can handle very large scenario sets and stochastic models that include components with values generated by different stochastic models, Milliman says.