Club Vita, a UK-based provider of longevity risk data, has announced that it plans to expand into the U.S market.
Having successfully launched in Canada in 2015, Club Vita will now aim to extend its longevity data analytics service to American pension plans and insurers.
The company uses ZIP codes and other characteristics of the participants of defined benefit pension plans to capture the diversity of life expectancy and help plan sponsors make more informed decisions on funding and risk management.
“The United States represents a prime opportunity for us,” said Douglas Anderson, founder of Club Vita. “This is a nation that stands out because of the diversity of its people, its rapidly growing pension risk transfer market – which grew by around 30% to $25 billion in 2018 – and its structured ZIP code system.
He continued: “Club Vita’s longevity analytics service provides a platform for pension advisors to guide their clients, similar to the way that investment performance data services have enabled advisors to develop increasingly sophisticated and tailored financial risk strategies.”
As part of the expansion, Club Vita has appointed U.S plan actuary Dan Reddy as its U.S Chief Executive.
Reddy will work with U.S longevity actuary Erik Pickett in rolling out Club Vita’s offering, as well as the company’s international team of thirty longevity specialists.
“We will show that U.S. longevity differences follow the same socio-economic pathways as in UK and Canada,” said Reddy. “Club Vita’s analysis will not only open the eyes of plan sponsors, but it will lead to material savings for many and less risk for all.”
