Actuarial modelling solution of the year - Moody's Analytics AXIS
Insurers around the globe are experiencing exponential growth in modelling demands from complex products, volatile market risks and changes in financial reporting frameworks. In this time of unprecedented change, many insurers have found their existing actuarial modeling solutions to be inadequate and have launched actuarial transformation projects to get up to speed.
Moody's Analytics AXIS solution has grown steadily in North America over 30 years and 2019 was no exception, reflecting the strength of the company's analytics team in software design and development.
In the US, the AXIS solution gained ground in a year where reporting challenges from new statutory and GAAP reporting frameworks, combined with widespread interest in actuarial and finance transformation, provided opportunities for replacement of existing modeling software.
In Canada in 2019, the AXIS solution retained a market-leading rank by delivering new solution components, tools and services for its Canadian client base and by responding to a dynamic Canadian regulatory and accounting environment.
Some of the tool's key strengths include a modular system design, which enables holistic modelling of all risks addressing assets, liabilities, reinvestment and capital, for virtually all insurance product types. The solution can be used on premises, in a cloud-based infrastructure, or both, optimising the technology costs of modeling and enabling rapid scalability on demand.
InsuranceERM's judges liked AXIS's holistic modelling of "all risks addressing assets, liabilities, reinvestment and capital, for virtually all insurance product types". The product was also praised for recognising "insurance company workings and mechanics best".
Corporate statement: Moody's Analytics: Innovation through integration