Notes From … the AFA Mid-Year Presidents Meeting

Andesa Services was delighted to attend the American Fraternal Alliance’s Mid-Year Presidents Meeting and meet with the leaders of fraternal societies from across North America.

Life, annuity and allied products continue to be a key value proposition to members of the 70 fraternal societies that comprise the AFA. We were thrilled to speak with representatives from across the fraternal spectrum, and learn how they’re deploying their resources to innovate, evolve and better serve their members.

Andesa presented an IGNITE technology session on how a cloud-based policy administration platform can lower the barrier of entry for small and mid-sized life insurers. Taking a software as a service approach allows access to efficient, modern systems at a lower total cost of ownership than the traditional high capital costs necessary to acquire and support infrastructure.

Most conference presenters echoed many issues we hear across the industry, including:

  • The need to upgrade to modern enterprise systems that support new product launches, maintain a streamlined new business flow, efficiently handle policy administration and provide ongoing, high-touch policyholder services to members.
  • The challenge to create new products and services to stay relevant, and to serve the protection, wealth management and retirement needs of next generation members, such as Gen X and Millennials, while also addressing the needs of older generation members, such as Boomers.
  • The struggle to operate profitably within a protracted low interest rate environment – an environment that is predicted to continue, according to Greg Ip, U.S. Economics Editor of The Economist magazine, in his presentation on “The Outlook for the Economy and Economic Policy.”
  • Working within an increasingly complex regulatory environment, with greater focus on solvency, sustainability, unclaimed property, corporate governance and ORSA. The conference featured an excellent panel discussion with regulators or former regulators from five states.
  • Implementing and maintaining an enterprise risk management program.
  • Addressing the specific needs of the growing Hispanic market.
  • Enabling a more interdependent relationship with fraternal field forces and establishing a marketing platform that enhances agent efficiency and generates results.

In all, we observed the many attributes that Andesa Services shares with fraternal organizations – providing high-touch service with a value-add focus, continually cultivating positive client relationships and fostering ethical business practices.

– Robert Ridinger, Account Executive

 
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