Moody's Analytics - AXIS™ actuarial system
Type of System
- Economic / risk scenario generator
- Risk management
- Stress testing
- Asset/liability management
- Data management
- Internal/external reporting
- Portfolio analysis/hedging
- Reserving solution
- IFRS 17
- IFRS 17
Type of platform
Other features - the offering facilitates:
- NAIC RMORSA
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
Moody’s Analytics does not disclose pricing. The AXIS actuarial system is designed in separately licensed modules that allow each client’s cost to be appropriate to the functionality provided and business units served.
How long does your software take to implement on site?
The AXIS actuarial system is a vendor-maintained solution that is ready to use immediately.
The software is delivered and installed with one single executable, which provides a common user interface to access all modules, and a consistency of design and usage throughout that simplifies learning and ensures smooth development of total company models.
While the initial implementation is straightforward, the full development of working models and applications depend on the size and complexity of the portfolio and the application intended.
Most recent significant update:
The AXIS actuarial solution has been enhanced with the introduction of AXIS US GAAP Link modules to address the challenges of US GAAP LDTI in several ways:
- Better model input—multiple runs with various seriatim data models and actuarial assumption sets
- Historical data management—management of extensive cohort historical data and the ability to store history in a centralized database
- Streamlined batch processing and reporting—a specialised “current period reporting” batch is tailored to US GAAP requirements
- Improved runtime governance, control, and efficiency
In 2019, Moody’s Analytics introduced its newest cloud-based AXIS infrastructure—GridLink as a Service (GlaaS)—a fully automated service that lets users submit AXIS actuarial modeling jobs to the public cloud for processing. GlaaS introduces a pay-per-use model that lets clients quickly scale up their modeling runtime performance with minimal extra cost and no long-term infrastructure commitments.
How does your solution integrate with third-party systems or in-house systems?
The AXIS actuarial system is designed to be easily integrated with in-house systems. It can import data from and export to most third-party and in-house database systems that offer ODBC connectivity, while native connectivity is offered to Microsoft SQL Server.
Integration with other systems may be implemented through ETL interfaces for exchanging and mapping data using text or spreadsheet (Open XML) formats.
What is the key attribute of your product(s) that differentiates it from your competitors?
The AXIS actuarial system advantage is driven by three key characteristics:
- The AXIS system is vendor-coded and maintained (and has been for more than 30 years) and is ready to use out of the box. New clients focus on building and maintaining actuarial models without complex system design, coding, and testing. Moody’s Analytics continually refines and updates AXIS system functionality as part of its client support service in response to evolving business demands and reporting regulations.
- The modular AXIS system design enables holistic modeling of all risks addressing assets, liabilities, reinvestment, and capital for virtually all insurance product types. AXIS models can support all actuarial applications, facilitating consistent models and shared resources across all actuarial functions of a company.
- The AXIS actuarial system comes with state-of-the-art technology integration. Our technology supports its use on-premises, in a cloud-based infrastructure, or both, optimising the technology costs of modeling and enabling rapid scalability on demand.
What trends are you seeing in terms of customer demand?
Insurers worldwide are experiencing exponential growth in modelling demands from complex products, volatile market risks, and fluctuating financial reporting frameworks. In this time of unprecedented change, many insurers have found traditional actuarial modeling solutions to be inadequate and have launched actuarial transformation projects, including full actuarial software replacement.
We are seeing demand across the industry for specific software and related advisory services as firms tackle emerging and existing regulations such as Actuarial Guideline 43, ASU 2018-12, US GAAP Targeted Improvements for Long Duration Contracts, principle-based reserving (PBR), ORSA, and the Federal Reserve stress testing requirements for systemically important financial institutions (SIFIs). Widespread interest in actuarial and finance transformation is providing opportunities for replacement of modeling software now and in the near future.
The AXIS system is unique in its capability to address this demand today and on an ongoing basis. The AXIS solution emphasises performance, ease and speed of implementation, flexibility, robustness, scalability, transparency, comprehensive technical support, and low total cost of use—all of which are critical features of a leading actuarial modeling solution.
AXIS™ actuarial system is used by life insurers, reinsurers, and consulting firms for financial and risk management