Embedded AXIS Modeling Support

Objective

A growing US annuity platform engaged Graeme Group to place a credentialed actuary in its modeling team. The role covered AXIS development, testing and reinsurance modeling, with work directed by the client.

The client needed support as its annuity business grew, its reinsurance arrangements expanded and it prepared for VM-22 implementation.

The role required hands-on AXIS experience and knowledge of US annuity valuation, allowing the actuary to begin work with limited onboarding.

Scope of Work

The placement covered annuity modeling on the AXIS platform across the client’s product range, spanning fixed indexed annuities, registered index-linked annuities, variable annuities, multi-year guaranteed annuities and single premium immediate annuities. Four areas of support were in scope:

• AXIS model development and enhancement across the annuity product lines.
• Model testing, validation and quality assurance within the client’s own modeling process.
• Reinsurance treaty modeling using AXIS native functionality.
• VM-22 implementation support, in-force data mapping, data pipeline architecture and model automation.

The client set priorities across these areas and adjusted assignments to its reporting calendar and project needs.

Services Provided

Assessing Product and Platform Experience

We assessed the products each candidate had modeled, the work they had personally built and the recency of their experience. The selected contractor is a Fellow of the Society of Actuaries with US annuity valuation and AXIS experience across the required product range.

Working Within the Client Team

The contractor works on the client's systems under its valuation modeling lead. The client assigns the work and approves hours directly.

Contracting and Administration

Graeme Group manages contracting, onboarding, background screening, timesheets and monthly invoicing. The client has one supplier responsible for the placement.

Extensions and Replacement Support

We manage extension requests and maintain a network of actuaries who may be suitable if the client's needs or the contractor's availability change.

Deliverables

The contractor contributes to the client's models and related work. Graeme Group provides:

• A credentialed actuary whose experience matches the platform, products and valuation work required.
• An actuary working within the modeling team under the client's direction.
• Contracting, onboarding, screening, payment administration and monthly invoicing.
• Replacement sourcing if the contractor becomes unavailable.

Outcome

• Additional AXIS Support: The client added an experienced annuity modeler without recruiting a permanent employee.
• Six Months of Continuous Support: The contractor worked across the annuity products without a gap in the assignment.
• Support Across Several Tasks: The work covered model development, testing, reinsurance modeling and statutory implementation.
• Engagement Extended: The client extended the placement beyond its initial term.
• Further Requirements Discussed: The client continued discussing other areas where specialist actuarial support could help.