Windsor, CT, October 29, 2007 — Robert Kerzner, president and CEO of LIMRA International, opened the 91st LIMRA Annual Meeting highlighting the impact that medical and technological advances will have on product development, underwriting and distribution in the insurance industry.
"In the next decade, advances in medicine and technology will be major drivers of how our business develops," said Kerzner in his remarks to open the meeting, attended by more than 600 senior life insurance and financial company executives. "We expect that improved access to medical information with the universal implementation of electronic health records will finally make instant issue (of life insurance policies at competitive prices) a reality."
When companies have immediate access to medical information, they can review and approve life insurance applications more quickly — saving time for consumers and their agents or brokers. Kerzner says these types of delays have made stockbrokers and other potential distributors reluctant to even trying to sell policies in the past.
"The ability to approve and issue policies on the spot could be the catalyst that entices stockbrokers, financial planners and other brokers to sell risk products — an outlet our industry has been unable to optimize," Kerzner said. "Not only could this lead to a huge opportunity for new alternate distribution but it also could help existing carrier field forces become more productive, possibly revolutionizing our industry."
The theme of the two-day meeting is "The Art of Execution," focusing on how companies can translate strategies and ideas into action and results. Key topics to be addressed at the 2007 Annual Meeting include: best practices in product development, marketing, distribution and training; and strategies for turning goals and plans into action to generate real business results.
This year, Alan Greenspan, Ph.D., former chairman of the U.S. Federal Reserve, will give the keynote address and discuss the vital issues that the U.S. is facing.
In addition, attendees will hear from a panel of CEOs discussing their strategies for results. The panel will feature Thomas M. Marra, president and CEO of The Hartford Financial Services Group Inc.; Scott F. Powers, CEO, Old Mutual (USA) and Old Mutual Asset Management; and Stuart H. Reese, chairman, president and CEO, Massachusetts Mutual Life Insurance Co.
This year's Annual Meeting will host more than 600 senior executives from the life insurance and financial industries from nearly 30 countries.
About LIMRA International
LIMRA International is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com.