2011 ACORD LOMA Insurance Systems Forum Wrap-Up
By Roger Soppe on May 25, 2011
Wow, another ACORD LOMA Insurance Systems Forum is now behind us and San Diego proved to be a popular host city for this year’s conference. I believe it has been about 10 years since I last attended the conference in this wonderful sunny location! The annual event continues to offer an excellent forum to network with insurance industry peers, learn from technology vendors, and hear about current trends from Insurance Analyst Firms.
This year’s event began on Sunday with numerous Pre-Forum activities and the Opening Vendor Reception that evening and concluded with a great closing party aboard the retired Navy aircraft carrier USS Midway on Tuesday evening.
During the opening General Session on Monday morning, I was entertained listening to Biz Stone, Co-Founder of Twitter. Biz provided a unique perspective of how Twitter was created and the role of social media in our culture. He also stressed his ideas of creativity, why we needed to be emotionally involved and discussed the triumph of humanity over technology.
I was impressed with the “list of assumptions” he personally asks all new Twitter employees to make including – “We can change the world, build a business and have fun” and “The only deal worth doing is a win-win deal”. The assumptions were all great ideas that can serve us well in both our personal and business settings.
The program sessions offered on Monday and Tuesday covered a wide range of industry topics. I focused on attending the Life and Annuity Sessions that provided a wealth of information from industry experts and were focused on several key themes including Data, BI & Analytics, New Business Underwriting & Straight through Processing and core Policy Administration.
As a Platinum sponsor for this year’s conference, Oracle was very active in this year’s event including our involvement in the ACORD LOMA Solution Provider Advisory Committee. We also demonstrated our continued support for industry standards during ACORD's first Plug and Play Tooling Jamboree held on Sunday. The Jamboree provided both carrier and vendors the opportunity to test their implementations of ACORD's Life & Annuity Standard and Plug and Play Technology.
During the conference, Oracle also announced the results of a groundbreaking policy administration benchmark that included a mix of 100 million life & annuity policies and more than 2,000 concurrent users. The impressive results are the largest known benchmark of its kind in the insurance industry. It included a data set containing five years of financial history, totaling nearly 30 terabytes of data.
I found this year’s event rewarding for both its program content and the ability to extend and renew the many relationships I’ve developed over the past 20+ years in our industry. I look forward to next year’s ACORD LOMA Forum in Orlando May 15-17, 2012 and participation in next month’s IASA Annual Educational Conference and Business Show June 5-8 in Nashville, TN.
Roger A.Soppe, CLU, LUTCF, is the Senior Director of Insurance Strategy, Oracle Insurance.