For the past 5 years VUE Software has been attending the LIMRA Distribution Conference for Financial Services. The conference is a niche event targeting players in the Life and Annuity segment of the insurance industry. The recent 2019 conference in Fort Lauderdale, Florida had excellent sessions with speakers who delved into topics of interest to industry stakeholders. There were many great takeaways from the conference sessions that we attended.
The session, Markets in Transition: How will Distribution Evolve, hosted speakers who discussed salient points to captured attendees’ attention. These points included:
- How the industry can keep up with the advances, changes, and expansion in the marketplace
- Moving from mono-channel to opti-channel
- Changing focus from distribution to marketing, IT, and operations
- Accepting that today’s employment market is more about attitude and potential than knowledge and skill
- Recognizing that disruptions are good as they challenge us to step up, step forward, and ask questions such as: Why and how can you be a good disruptor in the industry? How are we going to make our product desirable and a must use or must have?
- Recognizing and taking advantage of market opportunity. For example, life insurance is a $12 trillion insurance segment while retirement is $28 trillion
- Be proactive about change; it creates opportunity
- The world is changing and becoming more ethnically diverse. Alter your approach to match specific changes.
- Social media and digital are the CURRENT WAVE. Are companies taking advantage of this?
Other important topics discussed included Transforming Field Leadership Support with technology. Cell phones dictate the agent and buying experiences, so having mobile apps and responsive websites can have an impact on your bottom-line. Attendees were encouraged to focus more on leveraging insurance technology to accomplish more and get the greatest return on investment.
Pointers were also given on how to be decisive and how to create discipline to make better decisions. These pointers include:
- Creating a process we can trust
- Expanding our options
- Reality test our assumptions before making a decision
- Attain some distance before deciding
- Prepare to be wrong
- Don’t be blind to your choices
- Consider more than one alternative (no narrow framing)
- Does your company have a way of handing inaccuracies?
- There needs to be a successful process; process provides quality and confidence
- Have “tripwires” to tell us when we need to reconsider our decisions
The Data Analytics as a Roadmap to Success was also addressed. Speakers pointed out that the quantity of data produced is doubling annually and the ability to analyze and interpret it is essential in today’s economy. Some of the issues mentioned were complexity and inconsistency.
Overall, attending the LIMRA 2019 Distribution Conference is a win-win for attendees and exhibitors, as many of the current issues faced by the insurance industry are addressed. VUE Software met with many attendees who took the opportunity to discuss their pain points and we enjoyed the opportunity to share valuable insights with them. We look forward to LIMRA 2020!