New IFRS Accounting Standards for InsuranceJune 29, 2017
On May 18, 2017 the International Accounting Standards Board (IASB) published the final draft of the IFRS 17 accounting standard, along with several supporting documents of guidance and illustration. This new accounting framework will impact the insurance industry around the world and will become effective for the 2021 reporting year.
AXIS FormulaLinkApril 26, 2017
AXIS FormulaLink is a module offering a set of features and tools in AXIS and AXIS EnterpriseLink for advanced programmability in AXIS Formula Tables, Dataset Formulas and EnterpriseLink Scripted Jobs.
It offers the following functionality:
- Powerful script editing capabilities
- Advanced debugging features
- Formula Libraries with Version Control
- Integration with custom user-created and third-party libraries
- Integration with external systems
Client Update: Growth and Change at GGY March 17, 2017
It has been a successful year as we have continued to grow the GGY AXIS business and team, while maintaining our focus on providing excellent service to our clients, and adding many significant enhancements to AXIS. Find out more about what's happening right now as our successful integration continues.
AXIS EnterpriseLink Introduces ELink Script Job Type March 10, 2017
AXIS EnterpriseLink version 5.1.101 released March 10 includes a new type of EnterpriseLink Job called ELink Script. EnterpriseLink provides users with the ability to create EnterpriseLink Scripts using the object oriented programming model. These types of scripts run natively within the EnterpriseLink environment which allows them to automate many of the interactions within EnterpriseLink without invoking AXIS. That also means that all the permissions are checked and application logs are posted as if those actions were performed through EnterpriseLink itself interactively.
EnterpriseLink scripts can be run like an AXIS Script Job. That includes job scheduling, setting run parameters, setting job custom permissions, adding them to the version control system and launching the job from an external application using the ELinkTask.exe Tool. You can also review active and completed EnterpriseLink script jobs like you would an AXIS Script job.
These scripts are designed to be run locally on the machine where EnterpriseLink is installed. Inside the script users can submit AXIS job script or AXIS dataset batch to GridLink.
Inside AXIS Winter 2017 February 10, 2017
Inside AXIS brings you news about what's new in AXIS and what we're working on, articles about GGY and our thoughts on modeling, and links you to resources to support your AXIS modeling projects. Enjoy!
In this edition:
AXIS CloudLink November 17, 2016
GGY is pleased to announce the official release of the new AXIS CloudLink module. AXIS CloudLink is a comprehensive set of tools that make it easy to provision, manage, and maintain AXIS environments in on-premise datacenters and in the public cloud. The CloudLink toolset includes:
- Cloud Control Center (C3)
- DataSync Manager (DSM)
- Cloud Access Point (CAPoint)
- GridLink Cloud Licensing Portal
AXIS Assumption Sets new in AXIS 2017.05.01 October 28, 2016
Assumption Sets have been introduced in AXIS cells for the Regular Life, Universal Life, Par Products, Disability, Annuity and Group Annuity modules. Assumption Sets will be added to the MultiState module in the future.
Cell Assumption Sets fundamentally change the ways actuarial assumptions are arranged and used in AXIS. Instead of having a fixed set of assumptions in Pricing and the six reserve slots, the user can now have up to 99 sets of user nameable assumptions in every cell. Each set of assumptions in turn will be selectable in places that require actuarial assumptions (e.g. pricing projection, reserves, dividend generate).
The new design prepares AXIS for different demands and emerging challenges of financial reporting and capital frameworks, including US GAAP, VM-20, AG 43, C-3 Phase II and the forthcoming IFRS 17. Such advanced uses of Assumption Sets will be provided moving forward.
For more information on Assumption sets please see:
AXIS MultiState Module September 20, 2016
GGY is pleased to announce the official release of the new AXIS MultiState module, effective with AXIS version 2017.03.01. We used an extended Beta testing period for this module to add significant enhancements, including:
- The option to perform stochastic decrement projections, which will allow accurate analysis of path dependent product features such as total policy benefit caps, and
- A policyholder investment fund, to support fund accumulation features needed for UL and UL combo products.
New Version Numbering August 16, 2016
Please be advised that we are changing our version numbering system, as we will no longer be following a monthly release scheme with semi-monthly incremental versions. Starting with 20170101, we will be releasing a steady stream of major AXIS releases numbered as 20170101, 20170201, 20170301 and so on. With the aim of releasing versions more frequently, we are no longer associating version numbers with a monthly date and subsequent "incremental" versions are regarded as simply the next release in the stream. The last two digits will be reserved only for special releases that may be required between major versions.
Formula Table Accelerator Permanently EnabledAugust 03, 2016
Starting with AXIS 2017.XX.XX versions released after February 2017, the Formula Tables Accelerator will be permanently enabled for compiling, running and debugging formula tables in AXIS models. This means formula tables will run at the maximum speed. Automatic fallback for any formula table that does not compile in the Accelerator to run in a slower interpreter mode will no longer be available. You will need to perform a review of your AXIS models to ensure that all Formula Table scripts compile in Accelerated mode. The Formula Table Accelerator will also be available for compiling, running and debugging EnterpriseLink AXIS Script Jobs, System Formulas and Dataset Formulas. Please note that the old (interpreter) scripting engine that AXIS used when the Formula Tables Accelerator was not enabled will be fully phased out in February 2018.
Scheduling the Transition to AXIS EnterpriseLink July 27, 2016
The deadline for transitioning remaining clients to AXIS EnterpriseLink has been extended to August 1st, 2017 to allow more flexibility to our valued clients who have yet to embark on the transition effort. Clients running AXIS on a server are required to migrate applications to the full AXIS EnterpriseLink server environment, and users running AXIS on their desktops and laptops will have to use AXIS EnterpriseLink Solo. We have further enhanced the "Transitioning to AXIS EnterpriseLink" guide.
AXIS Support for New Canadian LICAT June 23, 2016
GGY produced a webinar on June 22, 2016 for its Canadian client base on the topic of the new Canadian Life Insurance Capital Adequacy Test being proposed by OSFI, the Canadian federal regulator. In the webinar, we briefly summarized the new LICAT requirements, presented information for AXIS users on AXIS functionality which addresses the Insurance Risk and Market Risk components of the LICAT framework. All GGY Clients are welcome to view the webinar post-event archive where they can find a brief summary of the key messages of that webinar, view the presentation videos, and download AXIS Datasets which can be used to explore the examples that were demonstrated.
Legacy Keys Have Been Discontinued May 02, 2016
The June 2015 release of AXIS (2015.11.02) is the last release to support Legacy Keys. AXIS versions released hereafter will require our User Based Key Licensing System. Contact Michael Pomerantz for more information.
Client Support Portal Changes April 13, 2016
As part of an ongoing initiative to improve our website and provide the highest standard of client support services, we have created a new client support portal. The portal provides a convenient one-window solution, where you can manage your account and files associated with Incident Reports, download software, manage your users and software keys, and get help with any issues you might have. Explore our Client Support Portal.