What We Learned at the Fifth Andesa Client Forum

Andesa Services recently hosted its fifth annual Client Forum at the Hyatt Regency at Penn’s Landing in Philadelphia.

The September event, themed “Coming into Focus: The Past Driving the Future,” was attended by dozens of representatives from top carriers and distributors.

The event welcomed a number of speakers across industries, all of which spoke on topics relevant to the COLI/BOLI industry and to the carriers and distributors in attendance. Here’s a snapshot of what attendees learned:

Keynote speaker Peter Ricchiuti, PhD, a professor at Tulane University’s Freeman School of Business, provided an overview of the economy. According to Ricchiuti:

  • The last four years have brought the biggest stock market rally since World War II, with 157 percent growth.
  • About 88 percent of what consumers buy are goods and services made or provided in the United States

Jim Van Epps, Founder, and Toby Newkirk, Managing Director, both of First Principles Capital Management, and Nathan Herring, Managing Director, PNC, served on a panel that discussed implications of Basal III.

  • Basal III, the comprehensive set of reform measures that will improve regulation, supervision and risk management within the banking sector, will only impact the largest banks in the near term. It is those banks that will pave the way for smaller banks in the coming years.
  • The regulatory impact on the BOLI environment requires a lot more data, a lot more frequently.

Justin Brown, Assistant Vice President of Legislative Affairs at AALU, presented on the current climate in Washington. According to Brown:

  • The Tax Challenges Campaign argues there are economic, societal and tax benefits from the life insurance industry.

Mario Moussa, PhD, MBA, the co-director of the Wharton Strategic Persuasion Workshop and co-author or The Art of Woo: Using Strategic Persuasion to Sell Your Ideas, shared information on how to motivate and negotiate with people successfully. According to Moussa:

  • Data shows that most managers in the United States spend 80 percent of their time in meetings, spending 0-to-3 minutes to prepare for each of those meetings.
  • Credibility, relationships, beliefs, interests and style are all important factors in determining an individual’s ability to negotiate.

Frank Zacherl, a partner at Shutts & Bowen LLP, discussed the implications of e-signatures and their impact on the life insurance and annuity industry. According to Zacherl:

  • Selecting a technology vendor wisely is vital in setting up pre-litigation protocols to protect yourself and your company.

Chuck Johnston, a Research Director at Celent, presented on innovations on the horizon for the life insurance industry. According to Johnston:

  • The life insurance industry has the tools it needs to use technology to geo-target customers, connect to customers in a mobile manner and fill the gaps between advertising and sales.

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