AKS (Actuarial Knowledge System) offers an effective solution for composing and calculating actuarial formulas for life and disability insurance. Actuarial factors, composed of internationally standardised actuarial symbols, can be calculated in the traditional way, based on life tables, or based on the calculation technique with Markov chains. AKS has been developed as component based on the service oriented architecture.
Actuarial business tool
Actuarial experts often use Microsoft® Excel, in which each person manages his/her own (programmed) formulas. The link between AKS and Excel enables users to directly call formulas defined within AKS in Excel, in which one can use f.e. assumptions and interest rates in a flexible way. Through this, making prognoses and other calculations in Excel is simplified. Also the uniformity and controllability of the formulas have been optimised.
AKS can also be integrated as a component with existing or newly to be developed information systems. This way the actuarial expert can influence actuarial calculations by operational information systems.