QED offers a robust actuarial modelling platform, Basys, a system for efficiently performing various actuarial computations. With increasing product complexity and greater information demands by management as well as regulators, the capabilities and attributes of an actuarial modelling system are becoming even more critical.
Basys has evolved since its creation in 1999, having undergone a number of overhauls and improvements. It is currently used internally for over 60 insurers, 10 of which have also purchased the system. The Basys offering has various options, allowing users to select the best package for their needs.
Basic: Life and Pension Fund Valuation
This option is designed for companies interested in performing foundational actuarial work—gross and net premium valuations—as well as Solvency II or SAM type calculations for life insurance and pension fund liabilities.
Intermediate: Business Management
More advanced options to help management decision-making. Embedded in this option is the Basic option. With this selection, you can calculate embedded values, project balance sheet and income statement, perform new business analysis, and determine premium ratings.
Advanced: Complete Suite
This option has all the Basys capabilities. In addition to the Basic and Intermediate functionalities, this option adds the analysis of surplus, and user-defined functions as well as multi-scenario processing. Stochastically generated scenarios can be fed into Basys.
Basys’s key attributes include being:
The life office modules of Basys cater for most product types found in the Life Insurance field, including:
- Conventional with profit policies
- Unit-linked policies (including smooth bonus policies)
- Term assurances
- Permanent health insurance
Basys utilises multi-threading, which enables the software to take advantage of multi-core processor PCs to significantly reduce run times. Projections are carried out monthly on a policy by policy basis, an approach that significantly enhances accuracy.
There is also a formulae module to allow users to manually code additional cash flows into their products using the VB programming language, over and above those cash flows generated by the parameter-driven system. This enables even great flexibility than previously, especially when dealing with particularly complex products.
Basys is powerful but also user-friendly and runs in an integrated environment under Microsoft Windows. As such, moving information such as policy data and decrement tables from another Windows-based application to Basys is very convenient. Similarly, reports using Basys output are easy to create.
Both data and results are stored in databases that can be accessed through the Basys or Excel. This gives the user actuarial functionality, as well as most of the usual database manipulation functionalities.
Basys is continually being maintained and expanded by a dedicated team of actuarial and IT specialists. This ensures that Basys remains on the cutting edge of actuarial and programming techniques.
Clients also receive on-going support if there are any queries or training requirements. Enhancements and updates are sent out regularly to ensure that clients benefit from any improvements made.