AXIS Regular Life Module
The AXIS Regular Life module supports creating and managing the base actuarial models of traditional life insurance, including a wide variety of level and decreasing term, whole life and endowment, and creditor life insurance. While there is a basic cash dividend option, the module focuses on non-participating product features leaving the specific demands of par products to the AXIS Par Products module.
In addition to modeling basic death and surrender benefits, the AXIS Regular Life module supports:
- Multiple premium payment modes
- Return of premium options on various contingencies
- Multiple non-forfeiture options including CSVs on the fly, ETI and RPUs
- Policyholder behavior modeling
- Flexible support for miscellaneous benefits and options with independent decrements
- Integrated proportional reinsurance under multiple treaties of different forms
- Joint life and multiple life variations
- Realistic policyholder and corporate tax features, including DAC tax
- Dynamic Valuation (adjustment of valuation assumptions over time in financial projections)
Premiums can be defined by predefined tables, supporting tiered or banded rates, calculated from a combination of base tables with up to ten adjustment factors, or from first principles using basic actuarial assumptions. Calculated tables can be iteratively adjusted by powerful solve routines to meet profit targets or other financial constraints.
Financial results can be framed using any of over 40 reserve methods, including comprehensive support for the calculation of the current and projected policy liabilities under IFRS 17 and US GAAP LDTI. In addition multiple other methods are supported, both old and new, US and International, including:
- US Principles-Based Valuation (VM-20)
- Policy Premium Method (PPM)
- US GAAP SFAS 60, SFAS 97
- Commissioners Reserve Valuation Method
- XXX reserves, NAIC Model Regulation 830
- Actuarial Guideline CCC and 25
- Variable Life GMDB reserves
- New York Regulation 149
Reserves can be calculated on the fly from first principles and up to 6 reserve bases can be run simultaneously. Required capital adjustments can be based on RBC, LICAT or Solvency II, and on a company's internal capital standards, with up to three of these calculated simultaneously.
Like other AXIS liability modules, the AXIS Regular Life module accepts full seriatim data feeds from AXIS DataLink, integrates projected results seamlessly with both Asset and Reinvestment modules and aggregates with other AXIS module projections up to full company models.
The AXIS Regular Life module is frequently used for:
- Pricing, design, and profitability analysis
- Valuation
- Financial Statements projections
- Statistics on projected number of lives and total face amounts
- Cashflow projection and testing
- Surplus adequacy testing
- Required Surplus
- Illustration actuary testing
- Embedded Value and appraisal values
- Asset liability management
- Aggregate stochastic reserve and capital requirement based on CTE methodology
- Margin analysis
- NAIC Financials
- US GAAP Financials