Notes From … the 2014 Life Insurance Conference

Spring – and the smell of some very good deep dish pizza – was in the air at last month’s 2014 Life Insurance Conference, in Chicago.

The central theme running through this year’s presentations was that advancements in technology are changing businesses throughout the world, and life insurance is no exception. We can choose to embrace these changes or be left behind.

It’s been said that no one wants to put their hand into a running engine to change the fan belt. In other words, if it’s not broken, why fix it? Every industry or product started with a strong idea. It worked for that age and in that context. However, as times change, so must we.

Changes in the life insurance industry

Well, the time has come for disruptive change in the life insurance industry. It will not be comfortable, and it will make people unhappy along the way. This change will be achieved by paying attention to the “irrelevant information.” Think about those things that are normally ignored. Ask yourself:

  • What can we invert? Turn things upside down and consider the result.
  • What can we deny? Take away things that are expected. Challenge logic.
  • What can we scale? Exaggerate size, proportion or cost in either direction.
  • Can we transcend some assumed boundary?

As insurance carriers begin to embrace this change, they will find that Andesa is well positioned to assist them in the process. We offer a private, cloud-based environment for administration, illustration and reporting. Our experience and proven success demonstrates our ability to improve our client’s speed-to-market. The result is superior client service coupled with cutting-edge technology.

– Michelle L. Cramer, Lead Actuary

 
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