Verification and validation of an insurance market model.
13th November 2018
Written by Juan Sabuco (Postdoctoral Research Officer, Mathematical Institute & Institute for New Economic Thinking, University of Oxford)
Verification and validation are two very important stages in the development of an agent-based model. During the verification stage it is checked that the agent-based model does what it was planned to do, checking that the representation is faithful to the modeler’s intentions. During the validation stage the modeler attempts to quantify if the model developed is good and faithful to the phenomena studied. During both stages it is usually necessary the use of a large amount of computational resources in order to explore as many possible outcomes of the model as possible. For that reason a cloud computing platform that can be easily scaled is an essential requirement.
Sandtable has provided us with access to their Sandman platform. This has allowed us to run large ensemble of simulations of our insurance model in parallel which has allowed us accelerate exponentially the verification and validation process. Sandtable has also provided extensive support at all stages of engagement with the platform.
We have been able to run our insurance model in parallel on large virtual clusters with only a moderate adjustment of our existing code. The Sandman platform is very intuitive and we have integrated it easily in our workflow. This has allowed us to carry out the verification and validation process in a way that would have otherwise been infeasible due to time constraints.