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Calculator

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  • 1. GWL Segregated Fund Guarantee Calculator Yuan Xiu June 15 th , 2009
  • 2. Agenda <ul><li>Overview of calculator </li></ul><ul><li>Capabilities </li></ul><ul><li>Challenges </li></ul><ul><li>Outlook </li></ul><ul><li>Questions? </li></ul>
  • 3. Overview <ul><li>Calculate maturity and death benefit guarantee for both inforce and terminated segregated fund policies, </li></ul><ul><ul><li>Basic policies </li></ul></ul><ul><ul><li>Policies with enhanced rider </li></ul></ul><ul><li>Main focus for today will be the enhanced guarantee calculator </li></ul>
  • 4. Capabilities – POL Info. <ul><li>Obtain policy information and transaction histories with the click of a button </li></ul><ul><ul><li>&lt; Demonstration &gt; </li></ul></ul>
  • 5. Capabilities – Transactions
  • 6. Capabilities – Transactions <ul><li>Loop through transactions and process each transaction based on the type of transaction it is </li></ul><ul><ul><li>Deposit </li></ul></ul><ul><ul><li>Transfer </li></ul></ul><ul><ul><li>Withdrawal </li></ul></ul><ul><ul><li>Fee </li></ul></ul>
  • 7. Capabilities – Deposit <ul><li>Determine the deposit year of the transaction </li></ul><ul><li>Increase the fund units by the transaction units </li></ul><ul><li>Increase the guarantee amount of the deposit year by the transaction amount </li></ul>48.928959 14,820.22 DEP FD 25/04/2005 MODPORT Amount Type Date
  • 8. Capabilities – Transfer <ul><li>Determine the deposit year of the transaction </li></ul><ul><li>Increase “Fund To” units and decrease “Fund From” units by transaction units </li></ul><ul><li>Transfer does not affect guarantee amount </li></ul>-49.185555 52.345043 4,000.34 XFER FD 25/02/2007 BALPORT MODPORT Amount Type Date
  • 9. Capabilities – Withdrawal <ul><li>Use FIFO for withdrawing units </li></ul><ul><li>Guarantee amount of the deposit year(s) affected is reduced proportionally </li></ul><ul><li>Handle multiple withdrawals on the same date and single withdrawal from multiple deposit years </li></ul>-43.395899 13,750.00 WITH FD 10/02/2006 MODPORT Amount Type Date
  • 10. Capabilities – Fee <ul><li>Use FIFO </li></ul><ul><li>Fee does not affect guarantee amount </li></ul>-0.020389 6.23 PREM FD 25/05/2005 MODPORT Amount Type Date
  • 11. Capabilities – Reset <ul><li>Check for renewal year before each transaction </li></ul><ul><li>If necessary, apply reset (MV &gt; Guarantee Amount) to Deposit Year 1 </li></ul>
  • 12. Capabilities – Death Benefit Grading <ul><li>Determine graded death benefit guarantee before each transaction </li></ul><ul><li>If the transaction is a deposit, increase death benefit guarantee by the graded transaction amount </li></ul><ul><li>&lt; Transaction Process Demonstration &gt; </li></ul>
  • 13. Challenges <ul><li>Seeing the “ entire ” picture </li></ul><ul><ul><li>Building calculator is like putting together a huge puzzle </li></ul></ul><ul><li>Translating ideas to codes </li></ul><ul><ul><li>Eg. Graded death benefit </li></ul></ul>
  • 14. Example <ul><li>Determine the year of the transaction </li></ul><ul><li>If year is less or equal to 10 then, </li></ul><ul><li>Loop through deposit year 1 to year </li></ul><ul><li>Store guarantee amount for each deposit year into a column vector </li></ul><ul><li>If ( year – deposit year) &lt;= 5 </li></ul><ul><li>Death benefit guarantee (deposit year) = guarantee amount (deposit year) * [0.75 + ( year – deposit year)*0.05] </li></ul><ul><li>Otherwise, death benefit guarantee (deposit year) = guarantee amount (deposit year) </li></ul><ul><li>Total death benefit guarantee = sum of death benefit guarantee for each deposit year </li></ul><ul><li>If year is greater than 10 then … </li></ul>
  • 15. Outlook <ul><li>Obtain fund unit values associated with each policy through a query </li></ul><ul><li>Finish Top-Up logic for renewal year </li></ul><ul><li>Simplify the main template to make it more user-friendly </li></ul><ul><li>Testing, testing, and more testing! </li></ul><ul><li>Documentation </li></ul>
  • 16. Questions? Thank you!

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