In the life insurance industry, spring is about more than forgotten New Year’s resolutions, warm weather and blooming gardens.
When you do what we do for a living, spring is synonymous with a bevy of insurance conferences. And even more than new leaves on the trees, that’s something that we at Andesa Services look forward to. After all, conferences sponsored by folks like the American Fraternal Alliance (AFA), the Association for Advanced Life Underwriting (AALU), ACORD/LOMA and LIMRA offer golden opportunities to connect with old friends at our carrier partners, make new introductions, provide thought leadership and educate ourselves.
Elsewhere on the Andesa Blog, our team will offer insights on (and takeaways from) several conferences we attended this year. This post will focus on the Orlando, Florida, ACORD LOMA Forum – and it begins on something of a down note. Attendees learned that after 11 years offering a joint conference, ACORD and LOMA will highlight insurance industry technology at separate events. It’s the end of an era, certainly, but the Forum went out with a bang – offering attendees a significant amount of information they couldn’t have gotten anywhere else.
So, what did we learn at the 2014 ACORD/LOMA Forum?
- The current interest rate environment is still a drag on the life and annuity markets.
- Product development is being driven both by actuaries and “crowdsourcing,” the notion that ideas can be driven by large groups, like a carrier’s employee base and distribution force.
- Integration between disparate systems is integral to long-term technology efficiency. Rather than continue to create “noodles” of flat file interfaces, the industry is turning to Web Services and Enterprise Service Busses, which provide and allow for real-time integration.
- Carriers continue to be burdened with legacy core systems. Their ability to partner with solution providers that can provide plug-and-play modules to address critical business needs is integral in their long-term improvement plans.
- “Big Data” still reigns supreme, and there are volumes of data available. How can it be used to make better operational and strategic decisions?
- Mobility continues to be puzzling for those in the life and annuity space. Mobile applications need to add value. Rather than creating an application merely for the sake of creating a presence, insurers must be sure to create a value-add application.
- Murli Buluswar, VP & Chief Science Officer with AIG, taught us that the pursuit of perfection should never get in the way of doing good.
- There is a growing push in the life and annuity space to offer more/better retirement income products, rather than traditional life products.
- More and more thought leaders are predicting that traditional insurance products will need to significantly adapt to a new landscape being shaped by advanced technology.
Andesa’s takeaway from ACORD LOMA
We were excited to hear that key tenets in our strategic plans were validated by industry experts that presented at the ACORD LOMA Forum. Our efforts related to client experience align with service-driving relationships and client satisfaction. Continuous advancement in our technology infrastructure and solutions serving the life insurance and annuity markets continue to create a cost-effective and competitive advantage for our customers.
While we were disappointed to learn the ACORD/LOMA conference as we’ve known is ending, we look forward to future sessions presented by ACORD (#ACORD2015) and LOMA.
– Chris Shalbert, Director of Product Strategy