“For more than two decades, LIMRA has been a leader in data analytics for the life insurance and retirement industries,” said Alison Salka, senior vice president and director of LIMRA Research. “To be competitive in today’s market, our members require strong data analytics and predictive modeling to develop the products and business strategies to effectively engage consumers. We have established our Center of Excellence to support our members’ efforts, delivering predictive modeling and data analytics solutions that will drive better outcomes in this dynamic environment.”
Industry veteran Vikram Kamath will lead LIMRA’s team of data scientists and design a comprehensive program that addresses the increasingly complex data analytics needs of companies in the financial services industry. Most recently, Kamath led analytics research projects in the bond division of Travelers Insurance Co., building predictive models and performing statistical analyses to influence business strategy. Kamath has a M.S. in Business Analytics and Project Management from the University of Connecticut Business School and remains actively involved in the University’s program.
Understanding consumer utilization of annuity products is a top priority of insurance companies. To respond to this need, the Center of Excellence’s first project will explore the analytic predictors of variable annuity guarantee living benefits utilization. The findings will be published in the fourth quarter 2017.
“Companies have a strong interest in understanding their customers’ behavior,” said Kamath. “Our study will use analytics techniques to determine what factors influence a customer’s decision to surrender their variable annuity contract.This will enable companies to identify customers who are at a high risk of surrender and take steps to mitigate that risk, which will improve their bottom line.”
To learn more about LIMRA’s Center of Excellence for Predictive Modeling and Data Analytics, please contact LIMRA Communications.
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.
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