I'm not usually to be found writing blog entries but the chance to write the first update on our new website was too good to miss. This is an experiment ... we may decide we don't want a blog page.
It has taken a while for us to update the site because we've been having so much fun rolling out the system and developing more Apps, but we can't keep it all to ourselves and our first clients and partners - we want to share.
And so we've put a bit of information for all to read in the public domain. It really doesn't do justice to the tools, so we will have to keep adding information now that we've started. I've also got in mind to create a YouTube channel with how-to videos for Iris-D, but that really will have to wait for another day.
I must also apologise to Valia for not putting her details on the Company page in this version - I'll put that into the bug tracker.
Today is the first birthday of Chris's daughter, Iris. Happy Birthday!
We named our software after Iris, which is why we don't call it IRIS-D and IRIS-C. If we did, we'd have to say that it stood for something like 'Insurance Risk Investigation System'. But it doesn't. So we don't.
When we're discussing different parts of the system we also use other letters ... so, Iris-M for manual calculation replacement or Iris-R for relationship mapping of the Data Directory.
And when we want to make it clear we are talking about Iris the person, we say 'Iris-H', for human.
Happy first birthday, Iris-H.
As you can see, I don't write much in our blog, because I would sooner be talking to clients or adding features to our software.
But you shouldn't have a blog and leave it unchanged for ever, so here are the major developments since my last entry, well over a year ago.
First, MetLife became a user of our software and kindly granted us permission to recognise this on this website. Thank you.
Second, the Lux team has continued to use our software and have given us some very useful feedback as we have evolved Iris-C. Thank you.
For a large chunk 2017 we have focused on refining Iris-C and extending its capabilities to deal with the emerging requirements of IFRS17.
Iris-C models are now being finalised to be used in production for Q4-2017 for both primary production and validation purposes.
We have continued to use an exciting blend of web technologies for ease of use and C++ for robustness and speed. Sometime in 2018 we will also have our core calculation engine running on GPUs.
The CPU version already runs very quickly, doing in seconds what can take hours in a spreadsheet.
If you would like to know more about Iris-C and how it could be used for primary calculations or in a supporting validation role then please get in touch with Chris or me.
It seems that an update every year or so is developing as a theme on this page, so here's my brief annual summary - at least it makes for a quicker read for you.
2018 was a year of significant progress on many fronts. We now have our Iris-C calculation engine in production for Solvency II at clients and it is probably running right now as I write this.
Iris-C has a full development environment and shows relationship maps in your browser, creates a parallel Excel spreadsheet that replicates your calculations, produces a detailed modelling specification in Word and runs very fast using vector processing ... AVX, if you're interested.
As well as specifying your model using the full environment you can also import a plain Excel model into the system to define your model. Yes, that's right. A plain Excel model can be used as a near-instant way of creating an Iris-C model that is then compiled automatically and runs hundreds of thousands of policies per minute in our controlled environment without you needing to write a single line of code. What's the catch? There isn't one. You will need to follow the style our best-practice Excel model, but that won't take you long at all. Please contact us for more information on this exciting new feature.
On the IFRS17 front we have also created some flexible IFRS17 CSM modules and have integrated those into the end to end Iris workflows. We have also made sure that our IFRS17 CSM process can work alongside your existing actuarial cashflow engine to offer an alternative to your existing software provider's solution.
2019 will see an increase in IFRS17 activities and if you'd like to talk to us about how Iris could help you then please get in touch with us.
Finally, we created an app for you phone to monitor your runs when away from your desk.