How we turned expert actuarial spreadsheets into a pricing engine accurate to the billionth of a euro, and built a whole business platform around it

Virage-Viager: Actuarial Pricing Engine & End-to-End Life-Annuity Platform

Virage-Viager: Actuarial Pricing Engine & End-to-End Life-Annuity Platform
Virage-Viager

Virage-Viager

Virage-Viager is a Paris-based actuarial engineering firm and the creator of the Viager Mutualisé® model. It structures life-annuity real-estate funds for France's leading insurers and pension institutions, totalling over €1.5 billion.

Highlights

  • Actuarial pricing accurate to the billionth of a euro
  • 16 integrated modules, from first contact to post-sale management
  • 900+ automated tests
  • 7 roles and 4 secure portals

Services

  • End-to-End Project Delivery
  • Industry-Specific Consulting
  • Systems & Product Integration
  • UX/UI Design & Optimization
  • Business Intelligence & Dashboards
  • Data Security & Compliance

Industry

  • Real Estate

10⁻⁹ €

largest deviation from the reference actuarial models

16

integrated modules, from first contact to post-sale management

900+

automated tests guarding the business rules

7 + 4

user roles and secure portals for investors, sellers, appraisers and notaries

About the client

Virage-Viager is a Paris-based actuarial engineering firm that structures life-annuity real-estate funds for France's leading insurers and pension institutions.

Viager Mutualisé®Creator of a registered model that pools occupied life-annuity homes into diversified portfolios for institutional investors.
Over €1.5 billionRaised by the funds it structures, which invest in homes sold by seniors who keep the lifelong right to live in them.
Nationwide networkAdvisors, partner agencies, appraisers and notaries across France, all working on the same files.

The Challenge

Pricing a life annuity is an actuarial problem, not a real-estate one

Mortality, not square metres

Every offer depends on the age, sex and generation of one or two sellers, generational mortality tables, discount and inflation rates. The reference models lived in expert spreadsheets.

Every investor has its own rules

Each institutional investor has its own coefficient tables, its own early-departure capital and its own path: appraisal before or after the investment committee, with or without a preliminary contract.

A long, multi-party journey

Advisors, analysts, partner agencies, investment committees, appraisers and notaries all work on the same file, often for months, and several investors can bid on the same home at once.

Regulated at every step

A legal mandate register with no gaps, legally numbered invoices, signed documents, personal data of elderly sellers: every step has to be compliant and traced.

Our bet:

build the actuarial engine first, then the platform around it

  • Reproduce the reference models exactly, then fix their flaws in the open

  • Make every valuation replayable, versioned and auditable

  • Let each investor follow its own path inside one shared workflow

  • Give every party, inside or outside the firm, exactly the access it needs

The Actuarial Engine

A native pricing engine that matches the firm's reference models to the billionth of a euro
Inputs
  • One or two sellersSex, date of birth and generation of each life
  • The propertyMarket value, monthly rent, surface
  • Financial assumptionsInflation, market growth, occupancy and payment terms
  • Mortality basisGenerational tables, standard or adjusted, plus investor tables
  • Versioned parametersApplied as of the pricing date
The pricing engine

A pure, deterministic actuarial engine

Single-life modelSurvival probabilities on generational tables
Joint-life modelLast-survivor logic for couples
Investor coefficientsDedicated tables, interpolated by age
Returns calculatorIRR by Newton's method over 720 monthly flows
Early-departure capitalPer investor, for each year of departure
Spreadsheet-exact mathsDay counts, rounding and dates reproduced
Down payment onlyDown payment → annuityAnnuity → down paymentAnnuity + down payment → value
Outputs
  • Life expectancyOn the chosen table and on national tables
  • Right-of-use valueThe rent the seller will never pay, weighted and discounted
  • Occupied value & offerDown payment, fees, net to seller, monthly annuity
  • Investor returnsGross IRR, IRR with annuities, investor-specific yields
  • Capital scheduleWhat the seller receives if they leave early, year by year
10-9 €

Largest deviation from the firm's reference actuarial workbooks, across every golden test case.

4 modes

Solve for the down payment, the annuity or the value, for one or two lives, on any table.

100%

Of valuations replayable: each one stores its inputs, its result, the engine version and the parameter set.

A full actuarial valuation in one screen

A full actuarial valuation in one screen

Analysts enter one or two sellers and the property, pick a table and a pricing mode, and get the whole valuation instantly. Every figure comes with a plain-language explanation for committees and investors.

  • Life expectancy on the chosen table and on national tables
  • Right-of-use value, occupied value, fees, down payment and annuity
  • Gross IRR, IRR with indexed annuities and investor-specific yields
  • Several simulations per file, one retained per file and per investor
Each investor's rules, computed year by year

Each investor's rules, computed year by year

Some investors pay the seller an extra capital if they leave the home early. The engine computes each investor's schedule for every year of departure, from their own rules and caps.

  • One schedule per investor, side by side
  • Frozen into the offer, then into the management contract
  • Never changed by a later parameter update

Key engineering decisions

The choices that let the engine be both exact and safe to change.

The engine has no database, network or clock inside. It takes the inputs, the parameters and the tables, and returns a result. The same valuation run today or in five years gives exactly the same figures.

We reproduced the reference workbooks' own arithmetic: floating-point computation, rounding only where the spreadsheet rounds, its day-count convention and its date system. Arbitrary-precision maths would have been slower, and it would have drifted away from the figures the business trusts.

Each actuarial convention of the reference models (age calculation, curtate life expectancy, discounting, annuity factors, investor-specific averaging…) sits in its own named method. The business can decide to change one without touching the others.

Where the spreadsheets silently returned zero or a negative value (ages outside the tables, a right of use above the market value, an impossible annuity), the engine raises a named business error. Each correction is documented next to the original figure.

A suite of golden cases, single and joint life, standard and investor tables, is replayed against the reference workbooks on every run. The largest deviation is about 4 billionths of a euro on amounts and 3 billionths on IRRs.

Rates and fees are versioned with an effective date and managed in the back office. Each valuation stores a snapshot of its inputs, its result, the engine version and the parameter set, so a committee always sees the figures it voted on.

One Platform, From First Call to Last Annuity

An explicit state machine drives every file through seven phases, with business-day SLAs and escalation at every status

  1. Lead

    Enquiries arrive through an intake API or manual entry, are checked for duplicates and assigned to the least busy advisor.

  2. Qualification

    Calls are logged, and a room-by-room home inspection with photos is captured on site from a phone.

  3. Instruction Pricing engine

    Analysts run as many valuations as needed and keep one per file and per investor. A completeness check blocks incomplete files.

  4. Committees & appraisal

    A selection committee opens one track per investor. Each track then follows that investor's own path: appraisal, then investment committee, or the other way round.

  5. Offer

    Versioned purchase offers with counter-offers. The first offer the seller accepts wins, and the other tracks close automatically.

  6. Closing

    Legal mandate register, preliminary contract when required, deed with a document checklist, e-signature, legally numbered invoices.

  7. Post-sale management Pricing engine

    Annuities, indexation, life events, reversion, cost sharing and the early-departure capital frozen from the accepted offer.

Every file has an owner and a deadline

Every file has an owner and a deadline

Each status has a deadline in business days, computed once when the file enters it. When it is missed, the owner is alerted, then management two days later. Each role starts its day on its own cockpit.

  • Kanban pipeline with SLA badges and filters
  • Automatic tasks, agenda and daily digests
  • Dashboards for advisors, agencies, analysts, management and investors
Built for the field

Built for the field

Advisors and partner agents work from their phones in the seller's home. The inspection follows the format of a formal property survey and saves every field as it is typed.

  • Room-by-room inspection: floors, walls, ceilings, windows and more, each with its condition and photos
  • Address autocomplete on the official national address API
  • Inspection report generated as a PDF
A configurable score for every property

A configurable score for every property

Properties are scored on five weighted groups (geography, location, building, property, finance), with a global model and investor-specific overrides.

  • Criteria wired to real fields of the file and the retained valuation
  • Versioned models with preview on a real file before publishing
  • Score frozen when the file goes to committee
Investment committees, fully traced

Investment committees, fully traced

Selection and investment committees run in the platform, with their members, quorum and decision rule: majority, unanimity or chair's decision.

  • Agenda limited to eligible files, with the reason for the others
  • Live votes during the session, outcome validated by the chair
  • Committee pack and minutes generated as PDFs
The sale is only the beginning

The sale is only the beginning

A life-annuity contract lasts for decades. The management contract is created from the deed and the accepted offer, then the platform follows it until the home is vacated.

  • Annuity schedules, payments recorded with proof, reminders
  • Index-linked revisions with generated letters
  • Life events, reversion, annual life certificates
  • Owner and occupant cost sharing, repair requests

Under the hood

The pricing engine is only one part. Digitalimmo is a complete business platform designed and built by Satoripop.

One entry point for every transition

Transitions, roles, guards and SLAs are declared in one state machine. Every status change goes through a single audited action.

  • Parallel tracks, one per investor, each with its own configurable path
  • "First accepted offer wins", enforced by database locks and unique indexes
  • Business days computed with French public holidays

Legally compliant money flows

The firm invoices the fees and pays partners their share, with full traceability.

  • Gap-free legal numbering for invoices and credit notes
  • Forecast and final commission statements per beneficiary
  • Ageing balance, automatic dunning, accounting exports including the French FEC format

The right access for every party

Investors get a dedicated space. Sellers, appraisers and notaries get account-free access to exactly what concerns them.

  • Two-factor authentication for every internal and partner account
  • Personal links plus a one-time code, short isolated sessions, every access logged
  • Private files served only through signed URLs

Every document, generated and filed

Business users edit their own templates with a rich editor and a catalogue of typed variables.

  • Versioned templates, per-agency branding, live preview on a real file
  • Document management per file with versions and categories
  • E-signature workflow with ordered signers and a certificate page

See everything, keep only what is needed

Management gets analytics on the pipeline, investors, revenue and marketing, plus a monthly PDF report.

  • Cohort funnels, time per phase, SLA compliance, revenue forecasts
  • Full audit trail: who viewed, changed or exported what, and when
  • GDPR retention rules, anonymisation and a register of requests

A modern, typed stack

One codebase for the back office, the field app and the portals.

  • Laravel, Inertia and React with TypeScript, Tailwind CSS
  • MySQL, queues and a scheduler for alerts, digests and reminders
  • Pest test suite, static analysis and automated code style

The Impact

An actuarial firm that now runs its entire business on figures it can trust and replay

Instant, exact valuations

Valuations that match the reference models to the billionth of a euro, in seconds instead of a spreadsheet session, and replayable at any time.

No file left behind

Every status has an owner, a deadline and an escalation. Teams start their day on what is late, what is due and what needs a decision.

Faster, traced decisions

Committees vote on frozen figures and scores, investors see only their own files, and every action is audited end to end.

Do your business rules live in expert spreadsheets?

Tell us about your models and your process. We will turn them into a platform your teams, partners and investors can rely on. Talk to our team

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