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Changes in Consumer Expectations Present Key Challenge for Life Insurance Industry

Insurance executives meet at 2014 Life Insurance Conference to discuss future direction of the industry

WINDSOR, Conn., March 5, 2014 — Like many industries, life insurance has experienced changes from the way business was done in the past. One significant shift involves changing consumer expectations. With nearly every purchase they make, consumers have an array of in-person and online buying choices. LIMRA research has found they now want these same options when purchasing life insurance products.

In a recent survey of insurance executives, most agree that meeting higher consumer expectations will continue to be a key challenge. As consumers become more self directed and tech savvy, LIMRA predicts more companies will design simpler life insurance policies that can be purchased immediately online, mirroring consumers’ experiences with other industries.

To discuss the changing consumer and other key topics, life insurance professionals will gather in Chicago on April 7–9 for the 2014 Life Insurance Conference. Featuring the theme “Stop Tweaking! Start Recalibrating!” the annual event features industry leaders who will cover topics such as reaching the middle market, best practices in social media and how to reach the underinsured.

Among the featured speakers at the event, John Schlifske, chairman, president and CEO, Northwestern Mutual Life Insurance Company, will share his insights on the life insurance industry today and how it remains vital going forward. Luke Williams, professor of innovation, NYU Stern School of Business, will talk about how disruptive innovation isn’t just for start-ups; it’s a “must” for established companies that want to compete in the future.

The Life Insurance Conference, hosted by LIMRA, LOMA, the Society of Actuaries (SOA), and American Council of Life Insurers (ACLI) attracts more than 500 life insurance industry professionals from companies across the globe seeking to gain insight on the latest industry developments and equip themselves with solutions to address the complex challenges they face every day. The conference will be held at the Chicago Marriott Downtown, Chicago, Ill. For more information about the conference or to register online, please visit: 2014 Life Insurance Conference.

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Contact LIMRA
Catherine Theroux, 860-285-7787, ctheroux@limra.com
Mark Morris, 860-285-7875, mmorris@limra.com

About LIMRA
LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries increase their marketing and distribution effectiveness. Visit LIMRA at www.limra.com.

About LOMA
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.