Axis Model Build
Changes to regulatory calculation and reporting requirements, along with a growing need to improve the quantity and quality of business information, have put pressure on insurers to get more from their actuarial models. The benefits of enhanced modelling are vast, and include:
- More efficient regulatory compliance
- Transfer of resources to more value-adding activities
- More sophisticated analytical capability, including new depth and granularity of insights
- Stronger control environments and reduced operational risk
With more than 100 years’ combined expertise in actuarial modeling, we have developed a best-practices framework for building transparent, flexible and reliable Moody’s AXIS models that allow our clients to face the challenge of new regulations and unlock new sources of value.
From independent model development to the vetting and adjustment of existing models, we can integrate seamlessly with your internal resources to streamline modelling processes and find the optimal solution for your business.
- To build efficient, flexible and transparent AXIS models
- To implement assumption changes and enhance model functionality
Model Consulting Services
- To facilitate internal model development by answering your questions and providing recommendations for improving your AXIS models
- To provide detailed recalculations of AXIS cashflow and reserve results to independently validate the accuracy and improve the transparency of AXIS models
Model Vetting and Peer Review
- To ensure the accuracy of existing model implementation
AXIS Reserve Methodology Implementation
IFRS 17 and US GAAP LDTI have added significant complexity to Moody’s AXIS model design and reserving methodologies. We have successfully implemented IFRS 17 and LDTI reserves in our clients’ AXIS models to satisfy the new reserving standards while maintaining existing dataset functionality and building sustainable processes that can be replicated by internal teams.
Our team has delivered value to clients by:
- Building new reserve methodologies into AXIS models
- Designing controlled methodologies for defining current and prior period actuarial assumptions
- Advising clients on recommended approaches for importing historical data through DataLink and EnterpriseLink Historical Database Manager
- Validating AXIS outputs at seriatim and cohort levels
- Training and assisting client staff to improve their understanding of new reserve methodologies
Actuarial System Modernization
Actuarial system modernization is a top priority for senior management, promising improved governance, flexibility and efficiency of reporting processes. By approaching compliance with an eye to modernization, companies can generate additional value from the work they have to do anyway. We provide expertise in modernization initiatives for both large global insurers and medium-sized companies.
As AXIS experts, we play a key role on project teams, including:
- Developing governance frameworks for actuarial system design
- Working with IT to modernize front- and back-end processes and architecture
- Establishing AXIS model design principles and best practices
- Developing EnterpriseLink best practice frameworks for model control and maintenance