|A Look Back At The 2011 LIMRA Annual Conference|
|Written by Ian Lundahl|
|Thursday, 27 October 2011 13:23|
Corporate Insight was present for the 2011 LIMRA Annual Conference which took place in our hometown of New York City from October 23-25. Undoubtedly, the theme of the conference revolved around the importance of technology, and more specifically, social media, and its impact on the insurance industry.
Robert A Kerzner, President and CEO of LIMRA, LOMA and LL Global, Inc. opened the general sessions with his presentation titled “Unleash Your Potential by Changing the Paradigm”. Mr. Kerzner’s presentation focused on the paradigm shift that is occurring within the insurance industry, and how technology continues to shape the way advisors conduct business.
One particularly fascinating takeaway was the new element that Facebook has added to the life insurance prospecting process. Prospecting for potential life insurance candidates largely revolves around recognizing individuals that are in the midst of major life events – marriage, home ownership, the birth of a child – that qualify them as strong candidates for the purchase of a life insurance policy. Mr. Kerzner noted that Facebook operates as a platform to highlight various life events. Often, users will post status updates or pictures when they have a child, buy a home etc. Facebook and other social media networks can potentially serve as significant sources of information for the life insurance prospecting process.
Corporate Insight has conducted extensive research in the social media space and is continuously tracking and analyzing the ways in which financial services firms use social media. Our recently launched Life Insurance Monitor service will actively review not only the online user experience but also the effect of social media and mobile resources on the insurance industry. Traditionally, life insurance firms have been slower to adapt to new technologies. However, this year’s LIMRA annual conference showed us that social media is at the top of the life insurance industry’s “To-Do” list.