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.
In the face of the most unprecedented financial crisis in living memory, what will enable organizations to move beyond survival mode, and emerge — thriving?
The answer involves concrete strategies and practical solutions. LIMRA offers a two-stage approach that combines high-level strategy, an exploration of product innovation, and detailed, company-specific review and recommendations to improve profitability, market share, and agent retention.
Stage 1 is LIMRA’s Operational Review. Through this unique service, LIMRA will review your company’s corporate strategy as well as its distribution and operational effectiveness. The results are a detailed analysis and situational assessment of your organizations strengths and weaknesses. The review yields a range of initiatives to increase profitability and gain market share.
Stage 2 is LIMRA’s European Annual Meeting. While the Operational Review offers you detailed and practical solutions to address specific, organizational needs, the European Annual Meeting provides an exploration of high-level business strategy within the context of today’s financial crisis. The ability to network with the best and brightest in the financial services sheds light on issues and challenges you face.
Combined, the Operational Review and the European Annual Meeting provide the competitive advantage your organization needs to emerge from this downturn stronger and more competitive.
Senior consultants, with successful experience working with global Blue Chip companies, will conduct a series of structured interviews, home office and field reviews. The consultants have all been practitioners; thus, their emphasis is on the practical, not the theoretical.