Distribution Modernization Spotlighted at ACORD LOMA 2013
The annual ACORD LOMA Conference wrapped up last week at the MGM Grand in Las Vegas, NV. The conference, billed as “the Insurance Industry’s Premier Business, Technology, and Networking Event,” emphasizes new technology trends impacting the insurance industry, especially life, P&C, and annuities lines. The organizations’ mission is to facilitate better data standards in reporting insurance information, with a goal of improving data communication across technology platforms.
VUE Software’s VP of Sales, Eric Bustos, and VP of Strategy, John Sarich, were among the attendees at this year’s event. An overall takeaway was that distribution is a mission-critical function within the insurance value chain. The carrier-market relationship is a vital factor that is facilitated and properly maintained through data distribution with the appropriate software solutions. Carriers and agents have transformed their piecemeal relationships and are now striving to work together to achieve shared goals. The right technological solutions are key to enabling mobility and real time access to information for both the insured and the agent.
Another key note was the continued proliferation of social media and mobility. Social media outlets play a huge contributing role in today’s marketing, sales, and brand recognition efforts. Modern communication platforms are just one area of distribution modernization that insurers must be prepared for. Overall, the conference was an informative event, and was a great place to network with industry professionals and to learn about emerging trends in the marketplace.