Susan Martin +44 1923 437685 susan.martin@limraeurope.com
In September 2009 Membership association LIMRA Europe held its 33rd Annual Meeting in the city of Barcelona, taking as its theme Achieving Success in Challenging Times. With attendees coming from all parts of the globe including China, US and South Africa, as well as all parts of Europe, the desire to share best practice during a time of uncertainty was very evident. Addressed by industry leaders, the many experts on strategy, decision making and regulatory issues, kept the audience engaged throughout. Workable solutions and conceptual insights were offered to make the conference an event that was both thought provoking and practical.
Understanding the customer was at the forefront of the learning experience and speakers offered new thinking on both consumer decision-making and how to value the intrinsic value of all that your company offers to them. Distribution issues were not neglected, with successful technological solutions offered up for analysis, as well as exhibitions of state of the art integrated multi-channel distribution. Technical issues were featured, with the latest trends in underwriting explained by one of the conference sponsors, Reinsurance Group of America, Inc. Although financial services industry leaders exchanged views on a number of subjects, the most discussed opportunity was that of providing the people of Europe with appropriate and affordable solutions to save for their retirement. Concern was expressed at looming problems for the public such as a reduction in government’s involvement in pension saving, at the same time as increasing longevity meets falling birth rates.
However, the overall feeling was optimistic, with speakers highlighting the formation of strategies, product innovation, and public awareness campaigns that are making a positive difference. Delegates left the conference challenged by LIMRA to work together within the industry to maximise the many opportunities that now exist following the financial crisis. The opportunity to rebuild trust amongst consumers, the opportunity to train and develop all staff to a higher level of quality than ever before, the opportunity to communicate the very real need for life insurance protection and retirement saving, and finally the opportunity to simplify products and thereby meet the demands of regulators and consumers for transparency, clarity and security.