LIMRA and the Society of Actuaries (SOA) Research Institute announced today a new three-year partnership to collect and process data to be used in industry-wide experience studies.
Through this partnership, LIMRA and the SOA Research Institute will be able to continue developing in-depth experience study reports and analytics, leveraging LIMRA’s powerful data analytic capabilities and the SOA Research Institute’s historical knowledge of experience data.
“COVID-19 has demonstrated how quickly the insurance industry can be disrupted. In order to develop the products and features that will best serve the emerging needs of the market, insurers require a more real-time feedback loop for mortality and other experience data,” said Marianne Purushotham, FSA, MAAA, corporate vice president, LIMRA Data Analytic Services. "Our partnership with the SOA Research Institute will enable our organizations to provide the industry with new, more robust insights that will help the industry be nimble and responsive to the dynamic changes the industry is facing.”
LIMRA and the SOA Research Institute are planning out studies for the remaining part of 2021 and into 2022. From this partnership, one of the first studies will focus on U.S. life industry products. Future projects may cover life, health and retirement sectors. The study data collected will be processed and housed within LIMRA’s data processing infrastructure.
“The SOA Research Institute looks forward to harnessing LIMRA’s data collection and analytic capabilities as we continue to develop important research for our members, businesses, regulators and the public,” said R. Dale Hall, FSA, MAAA, CERA, CFA, managing director of the SOA Research Institute. “This partnership builds upon the strength of our volunteers’ industry expertise and our research staff’s project management capabilities.”
Additionally, the SOA Research Institute will continue to work with the National Association of Insurance Commissioners (NAIC) to receive and analyze individual life data that NAIC collects for VM-50.