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Focus on Consumer Behavior Will Help Companies Understand Key Drivers for Individual Life Insurance Sales

WINDSOR, Conn., Feb. 12, 2018 – Using predictive modeling, data scientists at LIMRA’s new Center of Excellence for Data Analytics have identified factors that influence individual life insurance buying behavior and have built profiles of types of customers who are likely to buy. This analysis, along with experts of social economics and customer experience, will be featured at the 2018 Life Insurance Conference, April 9 – 11, 2018, Chicago, IL.

“Our findings suggest that we can identify types of customers who are very likely to buy— for example, those in certain wealth brackets or those who have had a recent life change,” said Vikram Kamath, senior data scientist and director of analytics, LIMRA. “Significant life events get people thinking about what’s important to them. Companies must be in tune with these behaviors in order to deliver a product consumers need, when they need it.”

Kamath will be joined at the conference by experts in the field of behavioral science and social economics. Nicholas Epley, Ph.D., professor of behavioral science, University of Chicago Booth School of Business, will discuss ways to understand what your competitors and customers want or are thinking and Erik Qualman, entrepreneur, author, technology and digital media expert, will discuss disruption, innovation, and “socialnomics” as it pertains to the life insurance industry. Other topics at the conference range from discussions on regulatory issues, automated underwriting, Blockchain, and combination products.

This conference, jointly hosted by LIMRA, LOMA, the Society of Actuaries (SOA), and the American Council of Life Insurers (ACLI), will be held April 9 – 11, 2018, Chicago, IL. This year’s event is expected to attract about 500 industry professionals from companies across the globe seeking to gain insight on the latest industry developments and equip themselves with solutions to address the complex challenges they face every day.

To learn more about the conference and to register, please visit http://www.limra.com/Events/Conferences/2018/2018_Life_Insurance_Conference.aspx. Members of the press are welcome to attend the event at no cost. Please email media contacts for more details.

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Media Contacts

Catherine Theroux, +1-860-285-7787, ctheroux@limra.com
Erica Iorillo, +1-860-285-7875, eiorillo@limra.com
Joseph L. Giasullo, +1-860-285-7786, jgiasullo@limra.com

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About LIMRA   

LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.

About LOMA   

LOMA is committed to business partnerships with its over 900 world-wide members in the insurance and financial services industry. Our goal is to improve company management and operations through quality employee development, research, information sharing, and related products and services. Visit LOMA at www.loma.org.

About the Society of Actuaries 

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 28,000 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. www.SOA.org

About ACLI 

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad.  ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the policyholders that rely on life insurers’ products for financial and retirement security.  ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets, 93 percent of life insurance premiums, and 98 percent of annuity considerations in the United States.  Learn more at www.acli.com.