At the Bank Insurance & Securities Association annual meeting, the organization announced its decision to work with financial association and research firm LIMRA to provide more detailed benchmark data on bank investment programs than what is now available elsewhere.

BISA Executive Director James McNeil said in his presentation that the board had approved a proposal to work together with LIMRA on the project, but details had not been hammered out.

Later during the conference, McNeil and Scott Stathis, managing director and COO of Kehrer-LIMRA, said that the primary idea will be to solicit direct transactional data from banks and then aggregate it to derive an industrywide profile. This profile will include types of products sold and demographic information of the client base. It will not, however, include any identifiable information on specific clients, Stathis said.

Banks would then be able to use the industrywide data to make comparisons between their own programs and industry norms. “We are thrilled to announce that BISA and LIMRA have been holding ongoing discussions outlining an arrangement to leverage the synergies made possible by these two influential organizations working closely together,” McNeil added later in an email.

More details will be made available as talks progress, McNeil said in the email. “I can honestly say that Scott and I, the BISA Board and LIMRA’s executive leadership are excited about the potential benefits this venture could bring to our members and the industry.”

Lee Conrad writes for Bank Investment Consultant.