What's New AXIS

Recent Highlights
Description	Version	Release Date
Allow Category Reports To Be Selected In Block Run	12303001	16 Dec 08
Bailout Provision in Annuity	12303001	16 Dec 08
Extend Dynamic Block Reporting Categories To Annuity Module	12303001	16 Dec 08
Options To Improve Performance Of "Compressed" Models	12303001	16 Dec 08
Face Amount With Inflation Table	12302001	14 Oct 08
Valuation Bonus on PUA	12302001	14 Oct 08
Joint Life Valuation Basis Uses ESA In Single Life Tables	12302001	14 Oct 08
Illustration for AXISR	12302001	14 Oct 08
Seriatim Optional Table Input Of Premiums For Valuation	12302001	14 Oct 08
GridLink - Moving Jobs Between Queues	12302001	14 Oct 08

What's new articles
AXIS/BONDEDGE Link Functionality for Mortgage-Backed Securities (August, 2008)
GGY Inc. and Interactive Data Fixed Income Analytics have joined forces to offer an exciting new feature that enables you to seamlessly access Interactive Data's BondEdge cash flow engine from within AXIS. BondEdge, a sophisticated fixed income analytical tool widely used by investment managers, is capable of generating scenario-dependent cash flows and market values for structured finance assets such as mortgage-backed securities. This new feature is available in AXIS starting with the August 2008 release.
Result Comparator Enhanced (August, 2008)
The Result Comparator compares exported data, and it can also compare stored cell results. It is a useful tool that enables you to automatically detect changes in projections and other results, instead of looking at the exported data or manipulating it outside of AXIS.
Enhanced Stochastic Processing Released (February, 2007)
Both the regular Block processing and the new Embedded Scenario Processing features have been further enhanced with the release of AXIS 12. And now the beta has been removed from the Stochastic Processing module.
Introduction of Reserve Method Objects (February, 2007)
AXIS 12 marks another significant step forward in terms of convenience and control with the introduction of the new Reserve Method object in all of the liability modules of AXIS.
More Features Added to GridLink (February, 2007)
Coincident with the release of AXIS 12.0 in February, 2007, a new version of GridLink has also been released with two exciting new features: Active Backup Functionality and System Batch Support.
Multiple Life Joint Life Policies in Universal Life (February, 2007)
In the February, 2007 release of AXIS 12.0 new functionality to support the valuation and modeling of in force multiple life joint life policies including up to 10 lives was added to the Universal Life module.
Risk Classes and Rules Tables (February, 2007)
With the release of AXIS 12 in February 2007, the beta has been removed from the functionality in AXIS supporting Risk Classes and Rules Tables, allowing these powerful new objects to be used by anyone, without special feature code authorization.
Major Enhancements to AXIS GridLink (April - December, 2006)
AXIS GridLink was developed in 2005 to address the specific requirements of users wishing to run AXIS batch jobs in Distributed Processing mode on a dedicated server farm. Many useful enhancements have been made to AXIS GridLink during 2006 increasing ease of use, efficiency of farm management and utilization, and control over access.
Generating CALM Scenarios as Revised for 2006 (December, 2006)
New options have been added to the December, 2006, release of AXIS 11.6 to support the generation of the selected deterministic interest scenarios required by the most recently updated CIA Standards of Practice for the Canadian Asset Liability Method of valuation. The Base Scenario and 9 Prescribed Scenarios may be generated in AXIS using an updated set of AXIS Script functions available in Formula Tables.
New Features Support Financial Reporting Changes under CICA 3855 (August, 2006)
Asset and Reinvestment functionality has been enhanced to support key changes in asset accounting rules for Canadian life insurance companies that are effective for year end reporting in 2006. These accounting changes bring Canadian GAAP accounting closer to both US and International accounting practices.
Embedded Scenario Processing Brings New Power to Stochastic Processing Module (April - December, 2006)
The first steps toward a fully functional stochastic-on-stochastic projection capability in AXIS have been taken in 2006. Embedded Scenario Processing has been incorporated in the Fund object, allowing scenario testing calculations to be performed at multiple selected pivot points within a financial projection. This exciting development will enable AXIS to be used for a number of more complex applications, including C3 Phase II calculations in the projections, SFAS 97 calculations requiring stochastic projections, pricing of Seg funds and separate accounts, DCAT and planning projections based on CALM liabilities, and GAAP unlocking at future points in the projections.
New Calibration Tool for the Regime Switching Lognormal Model Generator (April, 2006)
Since 2000, AXIS ScenarioTools has included the option to generate scenarios of correlated equity/asset values using the Regime Switching Lognormal (RSLN) Model (Hardy 1999). Now ScenarioTools users can easily calibrate their Regime Switching Lognormal model parameters to fit the observed historical data.
New Options for Generating CALM Scenarios (December, 2005)
AXIS CALM scenario generators have been updated to reflect the changes described in the Guidance Memorandum for the 2005 Valuation of Policy Liabilities of Life Insurers issued by the CIA Committee for Life Insurance Financial Reporting (CLIFR) in October 2005. The scenario generators provided in AXIS now include options to generate the original seven prescribed scenarios based on the CIA Standards of Practice or to reflect the suggested changes to those scenarios.
New Asset Types for Modelling Options and Derivatives (August to December, 2005)
In AXIS 11.4, several new features have been added to the Asset and Reinvestment modules providing additional flexibility for modelling options and derivatives. These include Stock options, Interest rate swaps, Embedded put options in bonds, and the calculation of Option adjusted duration.
Formula Table Approach to Modification Tables (December, 2005)
The flexibility and power of modifications tables in AXIS has been expanded with the introduction in the December, 2005, release of new Modification Tables which incorporate user defined modification algorithms written in formula script. Previously available only in UL, these tables have now been added to Regular, Par, DI, and Annuity modules.
2005 MCCSR Seg Fund Factors (December, 2005)
OSFI has prescribed a new factor based method for determining the Required Capital impact (and reserve provision) for guarantees related to segregated funds or other similar products, effective for 2005 yearend. The Annuity Module of AXIS has been enhanced to support the extraction of the new factors and their application to determine the corresponding required capital component.
New Volatility and Catastrophe Components of MCCSR (December, 2005)
New calculation options have been introduced in the Regular Life, Universal Life and Par Products modules of AXIS to support changes in the Canadian MCCSR calculations related to mortality effective for 2005. The December, 2005, release of AXIS includes the most recent update to these features.
Stochastic Processing Module (July, 2004 to October, 2005)
The Stochastic Processing Module, first introduced in version 11.2, is designed to provide you with powerful new tools to model and analyse scenario sensitive products under a large number of scenarios within dramatically improved timeframes. In October, 2005, enhancements were added to address the new C-3 Phase II capital requirements for Variable Annuity under US RBC.
More Reserve Calculations in Cells (August, 2005)
We are pleased to announce three new reserve sections in Version 11.4 of AXIS. Previously you could have a Tax Reserve, a Statutory Reserve and a Second Reserve. We have added a Third, Fourth and Fifth Reserve to the Regular Life, Universal Life and Par Products Modules, and we expect to add these to the Disability, Annuity and Group Annuity Modules in the October release. The extra reserve sections follow the pattern of the Second Reserve section.
Earnings by Source for DI Module (June, 2005)
Effective June, 2005, Earnings by Source (EBS) functionality was added to the Disability module of AXIS 11.3, complementing the previously introduced EBS features in the other liability modules.
Multiple Reinsurance Added to Par and DI Modules (April and June, 2005)
Multiple Reinsurance features have now been added to both Par Life (April, 2005) and DI (June, 2005). The Multiple Reinsurance functionality enables you to model up to 5 different reinsurance arrangements at once in one cell for pricing or modelling purposes, and to model any number of reinsurance arrangements on seriatim data.
Use of CodeBase Database Engine in AXIS (February, 2005)
Starting from version 11.3, the CodeBase database engine is being used for seriatim data management and to support a new import/export database file format.
Portable Document Format (PDF) Capabilities In AXIS (February, 2005)
New features added to AXIS 11.3 enable the use of Portable Document Format (PDF) files to produce and exchange AXIS documents such as reports and screen printouts.
Multiple Reinsurance Extended to UL (December, 2004)
In December, 2004, the new Multiple Reinsurance functionality which was first introduced in July, 2004, for the Regular Life module, was extended to support the UL module as well. The further implementation of Multiple Reinsurance capabilities for Par and DI are planned for future releases.
Advance Notice of Upcoming Changes In AXIS Installation Libraries (Dec 14th, 2004)
In February 2004 we sent an advance notice of upcoming changes in the AXIS installation libraries. This article is an updated version of that notice, discussing the new Codebase ODBC and PDF drivers, which will be required to use some new features in AXIS 11.3. We originally scheduled these changes for AXIS 11.2 in August 2004 but, due to a delay in the resolution of some issues in third-party tools, the changes have been delayed until the release of AXIS 11.3 in February 2005. We are also advising you of the availability of a new PDF driver which you can install to enable optional PDF creation.
New Compound Tables for Defining Rates (March, 2004)
Effective with the March, 2004, release of AXIS 11.1, Compound Tables have been introduced to offer significantly more flexibility, power and transparency in the specification of various kinds of premium rates and decrements in the liability modules of AXIS. The new table design uses a Composite Table approach (tables within tables) to define an explicit basis for a set of rates, combining a base table with up to ten sequential adjustment tables.
Major Enhancements in Distributed Processing (October, 2004)
Distributed processing is now easier to use, runs faster and is more reliable, due to two major advances in the Distributed Processing technology recently added to AXIS.
Introduction of Multiple Reinsurance (July, 2004)
With AXIS 11.2, new Multiple Reinsurance functionality has been added to the Regular Life Module to permit the simultaneous modeling of multiple reinsurance arrangements in one cell.
Changes to MCCSR for 2003 (December, 2003)
In November, 2003, OSFI announced changes to the MCCSR calculations affecting Canadian companies as of year end 2003, which are now supported in the December, 2003, release of AXIS 11. The changes primarily affected the Lapse Risk Component of Required Capital and the treatment of Negative Reserves, and the impact of the changes can be graded in on a quarterly basis from 2003 to 2005, as required by OSFI.
Enhancements to Other Benefits (October, 2003)
The October, 2003, release of AXIS 11 introduced some major improvements to the way Other Benefits are defined in the insurance modules of AXIS. This article will summarize what the changes to Other Benefits are all about, why they have been introduced now, and what the benefits of these changes are for the user.
Formula Tables (August 2003)
Now you have a new option in AXIS. In place of some tables (such as the Extra Lapse table in UL and annuity cells) you can create a Formula table, which is altogether more powerful. You can write a formula here for the extra lapse using AXIS Script, which is based on Visual Basic for Applications (VBA).
System Formulas (August 2003)
To give you more control over AXIS, we have introduced a new type of System Batch job, called a System Formula. This is especially suited for production processes, and can be used to replace all sorts of external control programs and AXIS batch jobs.
Dynamic PPM Valuation for UL (August 2003)
New dynamic PPM Valuation options have been introduced in the Universal Life Module which enable both the illustration assumptions and the actuarial assumptions used in calculating the PPM reserves to vary by valuation date. This enables a more realistic projection of earnings for purposes of Embedded Value, Earnings by Source, and other applications in AXIS.
Running One Modelpoint in Volumes Table (August, 2003)
To complement the powerful new features of dynamic illustration and dynamic valuation introduced in AXIS 11 for the UL module (other modules to follow), a new option has been added to run a single modelpoint at a time from inside the Volumes Table. With the introduction of dynamic revaluation, the number of possible copies of valuation detail reports calculated and stored in one run increases dramatically. This has been addressed by the Run One Modelpoint feature and by requiring the user to select a Revaluation point at which valuation details will be displayed.
Capturing Earned Rates by Liability Category (August, 2003)
It is now possible to capture to the scenario the earned rates for assets associated with one or more liability categories, using a Portfolio Rate Capture batch job (Fund only) or interactively directly from the Calendar Year Report (Fund and Office). Liability category earned rates are captured to special columns appended to the scenario. They may be viewed in the processed scenario, but may not be created or edited directly by the user.
Improvements in DataLink (August 2003)
DataLink continues to improve in different areas. In addition to many new optional fields and supplementary tables added to support various aspects of AXIS seriatim calculations we have introduced a wide range of new tools, options and reports to help users in developing DataLink projects.