AXA Insurance relies on SAS^® Business Analytics for pricing decisions, regulatory compliance

Based on revenue, the AXA Group is one of the Top 10 largest companies in the world. Its geographic breadth is no less formidable than its position on the Fortune Global 500 – a position it maintains thanks, in part, to the creative, innovative ways its employees use SAS Business Analytics.

AXA – a conglomerate of independently run insurance companies and investment firms – boasts offices in countries across North America, Western Europe, the Middle East and Asia Pacific. Its global presence means AXA must deftly manage a world of compliance issues and wisely decide how to price its products.

In this Q&A, Raynu Niyomdechar, Manager, Single Actuarial Organization and Technical Studies for AXA Insurance in Thailand, explains how the insurance and investment giant makes that happen.

How important is data analysis, and how can it benefit AXA Insurance?

• Most of our data is insurance-related, so SAS Business Analytics benefits us in two ways:  First, SAS helps in our pricing and in calculating the premium. Second, SAS helps us to calculate our reserve requirement in accordance with the rules and regulations set by the Office of Insurance Commission.

What is the chief issue you address with SAS® Business Analytics?

• Before we implemented SAS, our major concern was how to handle the huge amounts of data and all the results generated when calculating models or programs. SAS answers those challenges, both in terms of data handling and reliable results.

AXA does business internationally. How do you use SAS® in different countries?

• AXA decided to use SAS not only in Thailand, but also throughout Asia and around the world. One of the key reasons we selected SAS was because we could utilize and adapt programs or solutions to suit our local entities in each country. After programs have been developed, our actuaries can share them with other countries so they can customize them to suit their own needs.

What kinds of data analysis do you perform with SAS®?

• SAS helps us develop useful reports and makes important calculations. We calculate premiums and our reserve requirement using SAS model functions. These capabilities truly meet our requirements for data analysis to meet our business goals in a changing economic environment. In addition, SAS meets our requirements for working with various data formats. This helps our actuaries develop their own programs without going back to IT or any other departments.

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