Windsor, Conn. (Aug. 21, 2015) – LIMRA and the Society of Actuaries (SOA) has announced the formation of a research partnership, formalizing the ongoing relationship between the two organizations.
“For more than 20 years, LIMRA and the SOA have been collaborating on policy holder behavior experience studies for the industry,” said Robert A. Kerzner, president and CEO of LIMRA, LOMA and LL Global. “Companies rely on persistency and utilization research to better understand consumer behavior. The data help companies develop and price products more effectively and respond to potential regulatory requirements. Through this strategic partnership, we plan to expand the valuable research and insight we provide to the industry in the United States and around the world.”
Since 1995, LIMRA and the SOA have been providing the life insurance industry with policyholder behavior experience research. Specifically, LIMRA and SOA have studied individual life insurance and annuity surrender/lapse activity, annuity GLB utilization activity, and lapse activity for individual disability and long term care insurance.
This year, LIMRA and the SOA have published a study examining recent experience data for long-term care insurance mortality and persistency experience in the United States and have launched a study to examine the retirement income system in China. They will also work together to explore new and emerging areas of actuarial research.
“We are pleased to continue partnering with LIMRA to develop and complete high quality insurance research,” said SOA President Errol Cramer, FSA, MAAA. “We appreciate LIMRA’s commitment to support the insurance industry through new research and to enhance the understanding of consumer behavior within insurance.”
LIMRA is a worldwide research, consulting, and professional development organization that helps more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.
About the Society of Actuaries
The Society of Actuaries (SOA) is an educational, research and professional organization dedicated to serving the public, its members and its candidates. The SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal problems. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk. Visit www.SOA.org.