AXIS is user friendly
The software can be used by all levels of people in an organization. It is possible to have non-actuarial people set up and maintain the database; the technical people can utilize the system to get the desired results; and the senior people can use AXIS to understand and monitor the situation. In summary, no technical knowledge of programming and minimal knowledge of computers is required to operate AXIS, so it can be used by all levels. This gives you much more flexibility in the use and type of people you require.
AXIS provides technical, actuarial and financial information
Because AXIS is written to do pricing, valuation, modeling, financial projections, asset/liability work and surplus adequacy requirements in a company, it is necessary to calculate and display a large volume of actuarial information. Because the system is used by many companies and has to meet their diverse needs, AXIS is able to calculate and display much more information than any one company would normally use. This allows you to alternate ways of looking at problems.
AXIS is also able to display results from a financial statement point of view. This allows you to see how decisions affect both your income statement and balance sheet. Because this is the way you are measured, this allows you to easily see how results could look under different scenarios.
In summary, having easy access to both policy year information and calendar year information allows you the opportunity to make informed decisions.
AXIS is a communication tool
Even though actuarial people can think in terms of actuarial information and make decisions, there is now much more need to explain proposals and decisions to non-actuarial people. AXIS is a very powerful communication tool; not just to explain things to non-actuarial people but to provide information for discussions with other actuarial people as well.
AXIS will make your company more productive
AXIS is a system which is up to date with the way business is done. It is updated on a regular basis to meet new regulatory and product design requirements.
The effect of this on your company is two fold. It allows your actuarial resource to spend time analyzing results and looking at alternatives rather than programming both current and new requirements. Since the system is both fast and flexible it allows your people to get the job done both sooner and better.
AXIS forms a good base for your future needs
AXIS has always provided an excellent basis for examining your company from a liability point of view. However, the future is becoming more complex and more emphasis is being put on the asset side. Also scenario testing will add to the demand for resources. It is possible for a company to build its own systems but this requires a large commitment of time and money from its resources in the actuarial and systems departments. We have an Asset/Reinvestment Module that allows you to look at the asset side of the balance sheet and review various reinvestment strategies. Projecting your business through a large number of stochastically generated scenarios provides information that assists you in identifying, quantifying and managing the risks that you face. The StochasticTools Module is designed so that you can do this easily and efficiently with AXIS.
Because we are able to recoup our costs over a broad base of clients it is unlikely that any one company can produce the required software as inexpensively or as quickly. At the same time we are able to utilize our clients' expertise to end up with a more complete system than any one client would obtain by building it themselves.
GGY is fully committed to the market
We now have over 110 clients in various markets worldwide. We are not only fully committed to serve their current needs but we are working for the future. We have developed asset functionality that ensures that our clients will be in the forefront as far as asset/liability management and scenario testing are concerned. We are also committed to broadening the range of product lines that AXIS can do and work is always underway to produce and improve the various Modules.
Also because of our commitment to the market you will not have the problems many companies have experienced when their main programmer leaves the company.
AXIS can be used in many actuarial areas of a company
Many of our clients start using AXIS in only one area of the organization. Typically the pricing area is the one that decides they could obtain the most immediate benefit. Followed by the corporate areas which uses AXIS to do their valuation and their financial projections, surplus adequacy testing and asset/liability work.
AXIS is more than a system
GGY is dedicated to maintaining and improving AXIS and supporting our customers' current and future requirements. We have no other distracting priorities or commitments. Training, documentation, full-time customer support and on-going enhancements are included as intrinsic parts of the system.
What are the overall costs/benefits of AXIS?
This is a hard question to answer since each company operates in a different way. A good way to find out is to talk to some of our users. All our clients would agree that they are now much more productive and better able to meet the demands of the job. They can now take on and complete more tasks with the same amount of staff. Alternatively, they are able to use less staff in certain areas and utilize the excess capacity in other areas.
Because of the future demands from a regulatory, professional and business point of view it is more likely that AXIS and the other Modules which will tie in to AXIS will let you get the job done with less staff than you would otherwise need. Also you will have a much smoother transition since you do not need to staff up to build your own system and then try to disband the team when the project is completed.