Club Vita, a provider of longevity analytics, has announced an integration partnership with WinTech, a provider of retirement valuation and administration software.
The partnership will integrate Club Vita’s longevity assumptions within ProVal, WinTech’s flagship defined benefit (DB) plan valuation software.
ProVal is used by pension and insurance actuaries and investment professionals for funding and accounting valuations, asset/liability studies, projections, pension risk transfer (PRT) pricing and a host of other modeling needs. The partnership enables ProVal’s users to seamlessly use Club Vita’s personalized suite of survival tables when measuring a liability or performing a projection.
Douglas Anderson, founder of Club Vita, says: “ZIP codes are the real game changer. Our research in the UK, Canada and the U.S. has revealed similar patterns of longevity variation between neighboring communities. By combining Club Vita’s VitaCurves system with WinTech’s ProVal, actuaries can now confidently and conveniently value plans with diverse demographic characteristics. Because historical experience data is not required, longevity assumptions can be tailored for even the smallest plans, for different sections within a plan or for partial annuity buy-outs.”Club Vita says the nine-digit ZIP code, or “ZIP+4 code,” offers significantly more detail on geographical differences in life expectancy than other methods.
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