New Joint Research Study to Examine COVID-19 Impact on Individual Life
LIMRA, the Society of Actuaries and TAI Announce Joint Research Project
MOKENA, Ill., SCHAUMBURG, Ill. and WINDSOR, Conn., May 26, 2020 – LIMRA, the Society of Actuaries (SOA) and TAI have partnered on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. The organizations are currently working on an inaugural report to release later this summer.
“This study will help our members understand the effect of the COVID-19 pandemic on mortality, and identify the market segments that are most likely to see the greatest impact from the disease,” said Marianne Purushotham, corporate vice president and head of LIMRA Data Sciences and Center of Excellence in Analytics. “This data may also help our industry predict potential outcomes from future pandemics, enabling life insurers to conduct more effective scenario planning and preparations.”
This experience study will make use of the individual life insurance data stored in the TAI Reinsurance Administration system, which includes over 90 percent of the top 50 life insurers in North America. Leveraging this data will help provide a faster and more consistent data collection process and will reduce the burden on insurers to find resources to compile data.
“This joint research project will provide a deeper understanding of the current state of mortality in the individual life insurance industry , ” Cynthia MacDonald, FSA, MAAA, senior experience studies actuary at the SOA. “The potential findings will help provide timely, meaningful data to help SOA members manage individual life insurance mortality risk through COVID-19.”
Organizations interested in participating in this study can contact TAI directly.
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering nearly 700 financial services companies in 53 countries with knowledge, insights, connections, and solutions. Visit LIMRA at www.limra.com.
TAI (Tindall Associates, Inc.) is an all-in-one life reinsurance software solution for both life insurers and reinsurers globally. TAI offers a software suite that enables companies to administer, exchange, and analyze life reinsurance programs. Through its set of powerful tools, TAI helps companies increase administrative efficiencies and decrease financial and operational risk by improving reinsurance data quality and automating treaty compliance. Visit www.taire.com to discover more ways to optimize your reinsurance operations with TAI.
About the SOA
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 31,000 actuaries as members. Through research and education, 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 challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. Visit soa.org.