LIMRA, Society of Actuaries will join forces to collect data for a study on the experience

LIMRA and the Society of Actuaries (SOA) research institute today announced a new three-year partnership to collect and process data for use in industry-wide experimental studies.

Through this partnership, LIMRA and the SOA Research Institute will be able to continue to develop experience study reports and in-depth analysis, leveraging the powerful data analysis capabilities of LIMRA and the historical insights of the SOA Research Institute. on the 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 meet emerging market needs, insurers need a more real-time feedback loop for mortality and other experience data, ”said Marianne Purushotham, FSA, MAAA, Corporate Vice President, LIMRA Data. Analytical services. “Our partnership with the SOA Research Institute will enable our organizations to provide industry with new and stronger information that will help it be agile and responsive to the dynamic changes facing the industry. “

LIMRA and the SOA Research Institute plan studies for the remainder of 2021 and through 2022. From this partnership, one of the first studies will focus on products in the US life industry. Future projects could cover the life, health and retirement sectors. The study data collected will be processed and hosted in the LIMRA data processing infrastructure.

“The SOA Research Institute looks forward to harnessing LIMRA’s data collection and analytics 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 on the strength of the industrial expertise of our volunteers and the project management capabilities of our research staff.

Additionally, the SOA Research Institute will continue to work with the National Association of Insurance Commissioners (NAIC) to receive and analyze the individual life data that the NAIC collects for the VM-50.