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Background

Phil Gold created AXIS prior to 1989 while working at a reinsurance company in Toronto. AXIS was developed as a decision making tool so that the company could quickly analyze risks and obtain the results needed to make informed decisions. The information produced had to be useful to actuaries and other financial people but it also needed to be easily communicated to decision makers at the higher levels in the organization.

In 1989, Dave Gilliland, Phil Gold and Bill Young formed GGY to continue development of the system and to market it to the insurance industry. Speed, ease of use, flexibility, functionality and integrity of code are at the forefront of GGY's system philosophy. Our clients are the reason we are in business and our goal is to have each and every user be a positive reference for GGY and AXIS. This customer focused philosophy ensures that our clients have an excellent system as well as excellent support.

AXIS is currently used in over 160 companies worldwide with over 2800 users. Many are in Canada but over 70 clients use it for their U.S. business. Many of our clients operate in multiple countries. We serve over 85 direct writing companies, about 25 reinsurers and over 35 consulting companies.

Almost all of the direct and reinsurance companies use AXIS in their pricing area and this is where many of them started using it. Many companies use AXIS in their Pricing and Product Development areas and feel that alone justifies the cost. However, most organizations now also get extra value using AXIS for corporate functions such as modeling, financial projections, surplus adequacy testing, valuation and asset/liability work. One of the big advantages of the system is that it provides the user with the capability to base their work on a seriatim, grouped or modeling approach. These approaches can also be combined for a particular task. For example, the in force business may be calculated on a seriatim basis whereas new business is modeled.

If we look at the progression of AXIS use in companies we see a fairly common pattern. Most companies start utilizing it in their pricing areas and then it moves to their corporate area to be used to do modeling and financial projections.  In many cases the same people are involved in both pricing and corporate work so the transition is quite easy. Once they have a business model set up, the transition to use AXIS for surplus adequacy work is then simplified since much of their work is really just an extension of the modeling work. Valuation is usually the last piece to be utilized since companies tend not to change valuation systems very often. Some companies using AXIS for valuation use it for blocks of business that their regular system does not handle. Normally the user will use the seriatim capability to do the valuation work but this capability can also be used for all their corporate work.

In summary, AXIS is a very strong pricing and corporate tool. Indeed much of our efforts over the past few years have been directed at enhancing these capabilities. The structure of AXIS, along with the Batch and stochastic capabilities, allows the user to obtain extensive results on a timely basis.

GGY devotes all its resources to improving the system and servicing clients. We want to ensure that the system remains up-to-date and easy to use, and that the service we provide is complete and timely.

 

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