Posted by (American Life InsuranceGuidance News) LIMRA's 2018 annual event was held in New York, USA on October 10. More than 29 industry representatives and elites attended. Robert A. Kirzner, the CEO of LIMRA, delivered a keynote speech at the conference "Change is inevitable-embrace change", revealingAmerican Life InsuranceThe industry and the retirement industry are facing opportunities and challenges, and are on the eve of huge changes.
The full name of LIMRA is Life Insurance Marketing and Research Association, the American Life Insurance Marketing Research Association, and it is currently the most authoritative association in the field of life insurance and retirement in the United States.The association was established in the United States in 1916 with the purpose of helping life insurance companies solve product marketing problems through extensive industry research, comparative analysis, training, strategic consulting, selection services, online forums, and industry conferences.
Limra 2018 Annual Conference Keynote Speech: "Embracing Change"
"Change is Inevitable – Embrace it"
"Change is inevitable-embrace change" Robert A. Kirzner, chief executive officer of LIMRA delivered a keynote speech, discussing the changes that have taken place in the life insurance and retirement industries in the past 44 years, and revealing the speed of industry change Speed up, especially in the distribution area.
"Traditional distribution methods are facing a trend of consolidation, aging and decline. In order to attract more consumers and increase life insurance and annuity sales, we must add new distribution channels," Kirzner said. "We need to establish new and broader distribution channels. We must use technology to simplify the process so that more banks, brokerage agents and registered investment advisors can recommend life insurance and annuity products to customers."
Technological progress has become a new driving force in the life insurance and annuity industries
Kirzner discussed how technology can improve the processes of underwriting, marketing and product design.He cited many direct-to-consumer interactive platforms that have emerged in the past five years.He explained that consumer expectations have changed.
Kirzner said: "Whether it is retail, affinity or location factors, consumers want a simple and attractive experience. Technology solutions have helped insurance companies make some progress, but there is still a lot of work to be done."
The tremendous advances in technology have improved the ability of insurance companies to achieve overall digitization. "Although our research shows that every company is actively digitizing, past legacy systems and budget priority issues have restricted their hands and feet," Kirzner pointed out. "In the next 5 to 10 years, companies that figure this out will be the clear winners."
Internet giants may become a new distribution market
Kirzner believes that industry transformation may come from external technological disruptors, such as Amazon, Google or Facebook.Because consumers—especially young consumers—have become accustomed to shopping, sharing, and trusting these platforms through them.
"These technology companies are already completely digital," he commented. "They will not look at business issues from the perspective of internal competitors in the industry, but from a new technical perspective. Will they be the new distribution channels we are looking for? Is it possible for them to build a financial services supermarket? , Will people go to this market to get any type of financial service products?"
"Hurry up" and embrace new opportunities and growth
The rate of change in the next five years will be much more drastic than it is now.Kirzner reminded the attendees of this to end his speech, so he suggested the entire industry: "buckle up."
"The truth is, you can't stop the power of change – I (using personal experience) showed you how the change today is so different from 44 years ago. Companies should not be afraid of change, but should embrace change, because Changes have brought new opportunities and growth."
Simon Sinek’s sharing: "Good leadership is lifestyle"
"Good leadership is lifestyle"
In other sharing sessions of the day, Simon Sinek, a best-selling author and an expert in the field of leadership (Twitter:@simonsinek), offered his special suggestion to participants from all walks of life: "Lifestyle is good leadership", which became another highlight of the conference activities that day.
(American Life InsuranceGuide net report)
About LIMRA
Serving the industry since 1916, LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 600 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com
