Funde Sino Life selected the AXIS™ solution to automate, standardize and improve their models and processes to be ready for IFRS 17

We are delighted to announce the successful implementation of our AXIS actuarial system with our client, Funde Sino Life.

Funde Sino Life, a professional life insurance company operating on a national scale, headquartered in Shenzhen, China. A landmark conversion project in the Chinese market with a lot of hard work and collaboration between the teams involved.

Funde Sino Life selected the AXIS solution to replace their existing software, which had become outdated and complex. Resulting in high upgrade and maintenance costs in addition, creating key-man resource dependencies for those processes. The upcoming implementation of the IFRS 17 accounting standard also requires more stringent analysis of insurance contract liabilities and significant changes to the preparation of financial reporting. To adapt to these requirements, Funde Sino Life embarked on this project to improve operational efficiencies.

The highly complex conversion to the AXIS software has allowed Funde Sino Life to automate, standardize, and improve both their models and processes to be ready for IFRS 17. Also, improving their monthly reporting runtime significantly.

Chief Financial Officer, Ms. Qi said “Modeling of over 300 products was completed in a relatively short time frame, with outstanding results. A lot of great work and collaboration made the process as smooth as possible. We believe these achievements are a rare precedent in the industry.”

Chief Actuary Mr. Tian said “We hope to use this project to build a long-term relationship, and work collaboratively on future challenges such as the implementation of IFRS 17.”

Moody’s AXIS actuarial system has more than 30 years’ of success in delivering asset and liability modeling solutions, with more than 200 customers across the globe. It has been used in the Chinese insurance market for more than 20 years. A powerful modeling solution used by insurers, reinsurers, and consultants for actuarial analysis of life insurance and annuity business.

• An integrated system for pricing, valuation, asset and liability management (ALM) and other actuarial applications
• A single calculation engine, offering consistent results across all use cases
• Vendor-maintained software, rich in features and functionality out of the box
• Architecture built for optimum speed and greater computational capacity

Moody’s actively support our customers. Our experienced actuaries ensure rapid responses and outstanding quality of local support services.
 

Customer community

Clients benefit from continuous development and enhancements based on input and ideas from all users, as well as those addressing new regulatory changes. Moody’s commit to deliver 24 updates per year and clients decide when they want to upgrade. All new code is written by our own professional developers and optimized for speed. There is one code base with 6,000 users at 200 different insurers, all continuously reviewing and validating the calculations to give added assurance that they are thoroughly tested and fit for purpose.
 

Coaching

Users are not left alone to figure things out for themselves. Help is available from our support desk staffed by qualified actuaries with an intimate knowledge of the software and actuarial practices, Available at no additional cost to help you get up to speed quickly so you can get the most out of your investment. Online user training and technical papers are also available on demand.