Driving Innovation in Insurance: How VidaCaixa Launched a New Variable Annuity Product with Numerix

Numerix CrossAsset Python SDK and Numerix Economic Scenario Generator (ESG) powered this market-first innovation.  

Challenge 

VidaCaixa— the life-insurance and pension subsidiary of CaixaBank—holds over €131 billion in assets and serves millions of clients. 
 
In 2017, facing historically low European interest rates and shifting investor needs, VidaCaixa set out to develop Spain’s first inhouse variable annuity product, ultimately selecting Numerix for its advanced pricing and risk analytics, powerful Python SDK and ESG engine, and strong quantitative expertise. 

Business Objectives 

• Develop and launch a variable annuity product embedded in a unit-linked structure
• Meet tight timelines and offer attractive investment opportunities under a low-interest rate environment
• Balance innovative features with strong financial guarantees
• Ensure scalability for future product launches and build robust system architecture 

Solution 

Numerix CrossAsset Python SDK + Economic Scenario Generator (ESG) 
Partnering closely, VidaCaixa and Numerix developed a pricing and risk framework tailored for the firm’s needs. Built on the CrossAsset Python SDK and ESG engine, the solution offered both flexibility and power. 

Key Features: 

• Custom-built Infrastructure: A flexible foundation fostered via the Numerix Python SDK integrated into VidaCaixa’s ecosystem and supported evolving strategies.
• Advanced Scenario Generation: The Numerix ESG engine enabled calibration and multi-asset simulations incorporating both actuarial and financial risk factors.
• End-to-End Implementation: VidaCaixa and Numerix operated as a seamless team—rapidly iterating on requirements, testing workflows, and achieving regulatory compliance.
• Knowledge & Best Practices: Numerix leveraged its global expertise to accelerate deployment and align with market standards. 

“From day one, Numerix felt like an extension of our team. Their experts worked closely with us, reviewing requirements, testing solutions, and adapting as our needs evolved..” 
 
— Raúl Merino, Market Risk Management, VidaCaixa 

Results 

The collaboration delivered a powerful outcome: a first-of-its-kind variable annuity product in Spain, underpinned by modern analytics and scalability. 

• First-mover advantage in the Spanish insurance market
• Over €4 billion in assets under management within the product
• Enhanced risk transparency and pricing precision
• Streamlined workflows, saving significant time and resources 

“Numerix provided the tools, expertise, and collaborative approach we needed to bring a new and truly innovative product to the Spanish market. The solution not only met our immediate goals but gives us the flexibility to evolve and grow as our needs change.” 
 
— Raúl Merino, Market Risk Management, VidaCaixa 

Explore Numerix Solutions 

Learn more about how Numerix CrossAsset Python SDK and Numerix Economic Scenario Generator can help enhance your business.