WINDSOR, Conn., Nov. 28, 2012 — Earlier this month LIMRA and LOMA CEO Robert Kerzner addressed more than 200 industry leaders at the inaugural Asia Distribution Conference in Hong Kong.
"Our Market Maturity Model tells us that growing distribution and improving productivity of existing distribution are critical for substantive growth," said Kerzner. "It starts with selecting the right candidates then providing them the training and knowledge that will maximize their productivity."
Kerzner also discussed how regulations can play an important role as markets evolve. He noted that recently regulators worldwide were examining fiduciary standards and, in many countries, banning commission-based advisors. He predicted these changes could have a cataclysmic impact on the insurance industry throughout the world.
"Despite regulators and legislators pushing for a fee-for-service model, our research shows that consumers aren't willing to pay for the actual cost of providing advice, which could drive good advisors out of the business," said Kerzner.
"But we know that advice matters — our research shows that consumers save more and at a higher rate when they work with an advisor," Kerzner added.
The 2012 Asia Distribution Conference, themed "Connecting With the Customer," offered the latest distribution research from across the globe, and the opportunity to learn from industry leaders and top practitioners, who shared their experience and knowledge on successful distribution strategies in Asia-Pacific, market trends, the regulatory environment and building effective bancassurance, tied agency, brokerage, and/or general agency channels.
"We are pleased to see so much interest for this event in its first year," said Gary Aluise, senior vice president and managing director of LIMRA/LOMA International Services. "Distribution is the biggest challenge facing the life insurance industry worldwide and the demographics make it clear that there has never been a greater need for our products. We established this event to help our members meet the challenges and address the opportunities in this dynamic and growing industry."
Catherine Theroux, (860) 285-7787, firstname.lastname@example.org
LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com
Established in 1924, with 1,200 plus member companies in over 80 countries, LOMA is committed to a business partnership with its world-wide members in the insurance and financial services industry to improve their management and operations through quality employee development, research, information sharing, and related products and services. To find out more about LOMA and the learning opportunities it offers, visit LOMA's Web site at www.loma.org.