From the course: Excel for Banking Professionals

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Key tools in Excel for insurance

Key tools in Excel for insurance - Microsoft Excel Tutorial

From the course: Excel for Banking Professionals

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Key tools in Excel for insurance

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- [Instructor] In insurance, as in so many other industries, there's a variety of different Excel functions that you're going to use. But because insurance involves such a wide array of data, there are certain Excel functions you might use that folks in other areas of finance wouldn't. I'm in the 04_01_Begin Excel file. Now, four of the functions that I think are particularly important that are available in Excel are those related to rand, R-A-N-D, which generates random numbers, norm, related to normal distributions, log norm, related to log normal distributions, and then EXPON, related to exponential distributions. So the rand function basically goes through and generates a random number between zero and one. Closely related to this, we have rand between, which will generate a random number between two other numbers. Where is this useful? Well, in insurance, we often have to do a lot of modeling of particular types of…

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