Life Industry - Growth, the Middle Market and Social Media

As the first full day of the 2011 The Life Insurance Conference wraps up here in Las Vegas, it is clear the key messages being heard are: "Growth, the Middle Market and Social Media".   

This year's conference offers a great variety of session tracks loaded with key topics that focus on the Life Industry including Distribution/Marketing, Actuarial/Product Development, Administration, Reinsurance, Regulatory and Strategic Management.

Earlier this morning, Robert Baranoff, SVP, Member Benefits - LIMRA, moderated a panel discussion in the Opening General Session called "Insights and Outlook from Senior Executives".  Guest speakers included Gary Huffman, President and CEO of Ohio National, Thomas Marra, President and CEO of Symetra Financial and J. Eric Smith, President of USAA. 

Through a series of Q & A, each Executive offered insight into topics including growing their business, opportunities in the middle market, distribution, product innovation, social media, current regulatory climate and others.  It was very interesting to hear key differences and challenges faced by stock and mutual companies. However, all three executives are very optimistic about the industry and how their organization has come through the recent crisis and what they learned.  It was clear they all have strong strategies for "Growing their Business" and how technology and their distribution channels are keys to that success.

While agent adoption has ample room for improvement, carriers recognize that buying patterns have continued to evolve especially for Gen X / Gen Y and the young Millennial and that social media and e-applications will play a crucial role in connecting with new buyers of life insurance.  Consumers today are savvy and purchase virtually any product or service via the web and carriers and agents must make this connection or face the risk of being left behind.  

More from day 2 of The Life Insurance Conference tomorrow...  

Roger A.Soppe, CLU, LUTCF, is the Senior Director of Insurance Strategy, Oracle Insurance.

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