Takeaways from the LOMA 2010 Distribution and Emerging Technology Conference
Last week, attendees from senior management at Life Insurance companies across the US and Canada convened in South Florida to discuss emerging technologies impacting their business and distribution. As the keynotes and sessions progressed, a theme emerged of how life insurers could “get connected”.
Kicking things off with an informative and entertaining presentation about what he calls “Socialnomics,” was speaker and author Eric Qualman (@equalman). He argues this phenomenon as the future of the way people will buy and sell through sharing ideas and media online.
Life insurers are late entrants to the social media game when compared to some other industries, but if this conference is any indicator, there will be far more life companies joining in the ‘revolution’ soon. Presentations by consulting firms Accenture and ComScore and insurer Aegon spelled out specific, actionable ways that life insurance companies could engage customers online.
As noted in ComScore’s presentation, some life insurers have already made their sites more customer-friendly by adding appointment requests and quote requests to their websites, along with the ability to actually purchase life insurance online as well. Other interactive tools include calculators and creative online display ads to ensure customer engagement.
Additionally, life insurers are keeping things connected when it comes to managing their distribution partners and producers. A presenter from OneAmerica explained how his company had achieved express on-boarding by implementing an online licensing and appointments solution, which decreased turnaround time from over 15 days to only 2 days.
Lincoln Financial and Deloitte spoke about the need for integrated producer and compensation management systems to successfully manage sales performance. They noted the importance of integrating performance data from policy administration and billing systems with payee profile data like hierarchy and territory management. There must also be a connection with downstream systems like finance, payroll and reporting. We’re happy to hear the industry’s focus shifting towards leveraging these system capabilities as our solution has been designed to accommodate both payee profile data and reporting in the core system, to further streamline enterprise architecture.
New York Life presented their case on how they built a connected CRM and producer management system to increase sales force efficiency. It allows producers to access customer information and history, sales performance data, company notifications and news, compensation details and more on a web portal – a capability that our VUE IncentivePoint suite, together with Microsoft Dynamics CRM, VUE Compensation Management, and VUE Producer Portal delivers.
Overall, it was very encouraging to see life insurers moving towards a path that connects them with both forward thinkers in the industry and customers. The visit to the LOMA conference was both enjoyable and informative, and we look forward to participating again next year.