2012 LIMRA Distribution Conference Concluded on the Right Note
The 2012 LIMRA Distribution Conference was a great opportunity for me at to connect with our clients and other industry professionals. I use these events as a way to focus the feedback to our product development team and identify new challenges and trends that are top of mind for companies that can make use of our solutions.
The event started off with a very thoughtful and emotional presentation by Thomas Smith from Knights of Columbus on the pride he has for his individual work as well as the value of the industry to our society overall. Mr. Smith underscored his premise with a touching video which highlighted the impact life insurance was able to make for those members who lost loved ones on September 11th.
As the conference picked up momentum, a distribution panel was held to share their thoughts on growing a successful channel. Ken Fasola, CEO of Insphere Insurance Solutions, a VUE Software client and one of the panel members, stressed the importance of implementing successful best practices to effectively establish distribution channels and maintain market leadership.
Ken expressed his view that technology plays an integral part in pursuing his organization’s vision of expanding their channels – with the right measures. The story of Insphere creating their innovative platform is a compelling case study that we played a part in and is a good primer for any insurance organization assessing their channel strategy.
The panel also discussed the need to improve existing processes in producer recruiting and onboarding. Finding the best possible techniques, like just-in-time appointments and automated and precisely placed credit and background checks were a couple of aspects touched upon to streamline agent onboarding. The conversation was a validation of the capabilities and approach we’ve introduced with our own producer onboarding.
The other topics of note discussed at the conference were the ability to cross sell and the importance of aligning agent objectives with company objectives. The cross selling options between life and health insurance segments are growing. It is now necessary for insurers and distributors to be nimble enough to accommodate a new mix in their product portfolios.