2016 LIMRA Open House

Since the Great Recession, the workplace marketplace has experienced unprecedented challenges. While some challenges have been alleviated, others remain or are growing. No doubt these ongoing challenges are and will affect the way employers and employees interact with carriers today and tomorrow. This, in turn, will require carriers to reevaluate how they approach these markets. Some of the topics LIMRA experts will discuss include how the expected rise in healthcare costs will impact nonmedical benefits, what the possible implications are for carriers if the employer no longer makes the benefit decisions for their employees, and with the growth in consumerism, how benefits may be marketed in the future.

A sampling of LIMRA’s research on the agency-building distribution channel (agents primarily representing one company) will be the focus of this session. Field performance measures from LIMRA’s research on agent recruiting, productivity, retention, compensation, incentive conferences, and succession planning will be covered. Join us as we follow the career of an agent through these on-going research studies.

Despite vast geographical, cultural, and economic differences, both China and the United States are facing many of the same challenges related to retirement--from longer lifespans to underfunded pension systems. So how do Chinese attitudes toward retirement compare to those of Americans? Based on recent LIMRA consumer research on China and the United States, this session examines the similarities and differences between these very different countries. Find out how an international perspective can improve your company’s marketing strategies

A short overview of LIMRA's InfoCenter and Corporate Archival program, how both inform our research and help our members. This presentation will give an overview of InfoCenter services, as well as how we are using LIMRA's heritage to celebrate our one hundredth year and how member companies can use their company heritage in their marketing efforts.

As far as “basic products” go, the use and design of Income Annuities continues to evolve. A recent joint study by CANNEX and LIMRA Secure Retirement Institute examines the demographics and features selected for various SPIA & DIA products over the last three years — from how they are presented and illustrated all the way through the sales pipeline to the final purchase.  Learn more about who has been buying these products and how they intend to use them.  

As companies continue to pursue objectives for customer centricity, efforts to manage customer experience are evolving. This workshop will focus on a discussion of LIMRA’s efforts in developing a customer experience program for the financial services industry including review of LIMRA’s Customer Experience Framework, findings from the first annual life insurance benchmarking study, and next steps in the program.

The DOL Fiduciary Rule will have an unprecedented impact on the individual annuity landscape. This workshop will address issues such as rollovers, distribution, annuity buyers, product development, and the potential impact over the next few years to the industry’s future.

As employees face more choices than ever when it comes to their employee benefits, effectively communicating benefits information has become of the utmost importance. Are employers, employees, and carriers on the same page when it comes to benefits communication? This session will compare multiple viewpoints of the benefits communication process and highlight disconnects between the various stakeholders when it comes to strategy, communication approaches, and enrollment methods.

In today’s environment, and especially in our industry, it has never been more critical for business growth to attract and retain the right sales talent for your teams.  In this session, you’ll hear the latest LIMRA research covering best practices on how to find and identify today’s top talent.  Additionally, this session will cover tried and true tactics on how to best connect and influence recruits to join your organization.  We’ll discuss what candidates are looking for in a career, and how best to position the opportunity, and your brand to really make those crucial early connections.  The session focuses on strategies designed to improve retention for the long term. 

Successful outcomes often result from planning – especially when it comes to retirement. In this session, hear the latest LIMRA Secure Retirement Institute research that examines the value of retirement planning from the perspective of pre-retirees and retirees. We identify the kinds of planning activities they accomplish with and without the aid of financial professionals, the timing of planning relative to key milestone ages, and the critical role of formal written retirement plans. Find out why planning is so beneficial for retirement-age investors – and for the financial professionals who serve them.

Test your knowledge on historical trends in life insurance ownership.  You will learn a few things and hopefully have some fun in the process.  LIMRA is celebrating its 100^th anniversary in this year and we are showcasing some of our organization’s rich history.  This includes the collection of U.S. life insurance ownership data since 1960!  This session will use a quiz show format to highlight trends in life insurance ownership over the past 50 years.  The session will touch on ownership trends among households and individuals, as well as across product types and distribution systems. 

The session highlights findings from the Mass Affluent Market study.  This market contains over 13 million households with six-digit incomes and/or six-digit investment portfolios.  The market is too large to regard as a single, uniform market.   The study uses segmentation to highlight differences between three mass affluent segments and the middle market: 

Emerging mass affluent: 25 to 34, incomes of $100,000 to $149,999, and assets of $50,000 to $499,999

Core mass affluent: 35 to 64, incomes of $100,000 to $199,999, and assets of $100,000 to $499,999  

Retired mass affluent: 65 to 74, with assets of $100,000 to $499,999  

Middle market: 25 to 64 with incomes of $35,000 to $99,999  

This session reveals their financial attitudes and behaviors, including financial planning activities and use of financial advisors.

While the cost of providing employee benefits accounts for up to 30 percent of total compensation, employers often do not allocate sufficient resources towards ensuring that their employees understand and value their options.  A recent LIMRA employer study uncovers some considerable gaps in employers’ strategic objectives for effective delivering of workplace benefits. This session will examine LIMRA’s newly unveiled Employee Benefit Communications Engagement Index, how it affects the enrollment process. It will also offer suggestions for adjusting benefit carriers’ current approaches.

What is holding them back? LIMRA Secure Retirement Institute estimates the current guaranteed income market could be as large as $750 billion. Advisors and their clients are in agreement that retirement income planning boosts confidence in living their desired retirement lifestyle. They also agree that guaranteed lifetime income products and solutions provide peace of mind in retirement. Come learn more about how the new DOL Fiduciary rule could nudge more advisors to do retirement income planning.     

Most individuals saving for retirement seek out information, guidance or advice from a trusted source – but in a world where the new DOL Fiduciary rules become the standard, who will that be?  Will business models, advice delivery and products fundamentally change; and if they do, how will that impact the customer experience?  Paul Henry and Gary Lineberry, industry thought leaders and Managing Directors for the LIMRA LOMA Secure Retirement Institute will discuss the trends they are seeing, and the challenges and opportunities that industry executives are most focused on.  They will also discuss the importance of understanding the new rules and their potential implications for Open House attendees and the firms they represent.  

In this session, head of LIMRA International Research discusses the process behind updating LIMRA’s Market Maturity Model. The session well cover how the model can be used to make cross-market comparisons to derive best practices and tackling key industry issues.  

LIMRA Secure Retirement Institute offers a new way to look at workers, based on mindset.  Even  demographically similar workers may have dramatically different mindsets when it comes to how they view their role in the workplace, their employer, their benefits programs, and their current and intended use of retirement programs.  This study explores a new look at workers, and the potential for messaging, communication and programs based on these perceptions, exploring five distinct segments, or “clusters,” of workers.

Since 2011, LIMRA and LIFE Happens have annually surveyed American consumers to monitor financial concerns and assess behaviors and perceptions toward insurance. Come to this session to find out what’s on their minds. Topics to be discussed include financial concerns, attitudes owning towards life insurance, financial preparedness, barriers to purchasing, preferred distribution methods, and willingness to share private data with carriers in return for rewards and discounts.

It is said that imitation is the sincerest form of flattery. North American life insurers practice this art every day as they seek to remain competitive. As a result, the focus is often limited to the domestic market. This session will help us turn the lens to other parts of the world as we explore some of the many innovative product designs and distribution methods that exist outside of North America.