There are different kinds of life settlement software made from different people and entities that assist in the processes of buying and maintaining life insurance policies purchased as investments. An investor of life insurance policies seeks to expend the least amount of resources both monetarily and effort wise to maximize their investment. Life settlement software can help them do this with tools that monitor timing of payments, calculate the least amount of premiums needed to keep a policy in force, stay current with regulatory matters, track the status of insureds and many other things.
While a programmer can build software that will track and monitor things it is the software that makes the calculations on existing policies they own and the policies they are looking to buy that requires the assistance of an actuary familiar with life insurance products. There are many different actuarial firms that work within the life insurance industry and a few have gone the extra step to develop life settlement software with tools that make these calculations in a more automated fashion as many of these calculations are routinely performed on each policy an investor is interested in. However, insurance carriers pride themselves on developing unique products so once life settlement software has been developed it can still take an actuary to read through some policies with unique characteristics and require tweaking to the model so accurate calculations can be made.
Most life settlement firms hire actuaries to assist in these functions while others purchase off-the-shelf software products like MAPS, Data-Life or others. Oftentimes they will put lower level people in charge of using such software and because of the unique characteristics of insurance products the calculations can be off as a skilled actuary was not there to catch the error. For more information on life settlement software and to see what you life insurance policy might be worth you can visit LIVEpdq.