In This Issue:

Resource cover story:
Global Insurance Update

New research briefs

Education and Training news

Events

Featured in this month's Resource magazine:

Global Challenges

It's been another challenging year for the global life insurance industry, which is coping with a tough economic climate, seemingly intractable political risks, populist demand for stricter regulatory oversight of financial services companies, and more. Companies are conserving cash, and are also trimming or eliminating unprofitable lines of business. Life insurers are taking a hard look at where they want to operate in the world. Some multinational insurers are pulling out of markets, others are entering new markets, many are doing both. The October Resource looks at these and other global industry issues.

Read full article | Members: download the October issue

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Research Briefs

Member login is required to download briefs, which are available in the Research and Knowledge Database on LOMA's Web Site. To see all available briefs, visit the Information Center and log in.

New research briefs
from LOMA's Information Center:

Call, and Call, and Call Again…

Getting the problem fixed the first time – service experts and researchers suggest that this factor is one of the primary drivers of customer satisfaction. It's this once-and-done achievement that the metric first-call resolution (FCR) seeks to evaluate. More contact centers are now paying attention to this measurement to determine whether customers are getting what they need – and getting it the first time they ask. Learn more in "First-Call Resolution: Once and Done."

Members: Download "First-Call Resolution: Once and Done"

Keeping Customers

In a financial services market that continues to grow more diversified, the competition for current customers' premium dollars is correspondingly intense. Insurers employ a variety of strategies to rescue at-risk policies and foster client loyalty. These efforts can be especially valuable in challenging economic times, when customers may be more apt to surrender their contracts. Find out how insurers are keeping existing policyowners in "Policy Conservation Strategies."

Members: Download "Policy Conservation Strategies"

Analyze That

What better source is there to learn about customers than the call center? Not only is it a primary point of client (and producer) interaction, but it's also an operation that tends to record and track everything, creating a massive store of customer information. By looking at this data in new ways, companies can not only monitor the more traditional metrics like call wait time and abandon rate, but they can also perform deeper dives that help them get at the underlying causes of service interactions and problems. These analyses can potentially reveal not just what's broken, buy why it's broken. Explore insurers' call-center-related analysis efforts in "Analytics in the Service Center."

Members: Download "Analytics in the Service Center"

New Horizons for CSRs

The concept of optimizing the call center function is certainly not a new one. At many companies, these centers have often served as back-up processing units or pitched in for special campaigns. But many other benefits can be reaped from expanding the horizons of contact center staff through special or stretch opportunities. Download "Beyond the Phones: Stretching the Call Center with New Assignments" to review highlights of insurer call-center projects that fall outside the bounds of traditional phone work.

Members: Download "Beyond the Phones: Stretching the Call Center with New Assignments"

Hot IT Projects and Plans

Life insurers may differ in size, product mix, and business strategy, but they face shared marketplace challenges that seem to be reflected in their current technology priorities – namely, the need for flexible support and administration, efficient new business processes, and robust online features that meet the needs of producers and consumers. LOMA reviewed current technology initiatives submitted by 26 large and mid-sized life insurance and annuity providers to identify common themes and priorities. Find out where IT shops are focusing their attention in "Tech Trends: Life Insurers' Current Projects."

Members: Download "Tech Trends: Life Insurers' Current Projects"

More...

For research requests on these and other industry topics, contact LOMA's Information Center at infoctr@loma.org.

Quick Queries

LOMA's 50 committees often conduct informal surveys to obtain insight on various industry practices and procedures. LOMA members can access these surveys on LOMA's website, in the Research and Knowledgebase section, at Quick Queries.

Recent Surveys:

Top CSR Performance Measurements

New Business and Service Requests via Email

Approaches to PTO in the Call Center

Employee Referral Programs

Enterprise Phone Strategy

Selecting and Prioritizing Projects

Cash Receipts Units

National Preparedness Month Initiatives

Systems Training for Service Staff

Workplace Safety Practices

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Education & Training Updates

Education Representatives and other champions of professional development: please forward information about LOMA education and training to others in your company.

New Designees honored at the 2012 LOMA Annual Conference & Conferment in Seattle

Congratulations to all of the new LOMA designees for their dedication and great work.

Thinking about earning a LOMA designation? Working toward one now? Something to consider:

90% of LOMA designees state that earning a LOMA designation helped their career.

87% believe LOMA programs have increased their competence in the insurance business.

Improved performance and increased productivity are two of the benefits of LOMA Education. We help professionals throughout the industry to ignite their potential.

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Upcoming LOMA Events

Events

Managing in a Virtual World
December 4-6, 2012
Virtual Classroom

Managing in a Virtual World is a six hour, interactive program that is delivered over three, two-hour virtual classroom sessions, saving you the time and money associated with attending a traditional onsite program.

The program is designed to help managers deal with the specialized skills needed to manage remote employees such as how to:

• Challenge negative perceptions about the effectiveness of virtual work
• Effectively recruit, select, and develop remote employees
• Utilize assessment results to coach effectively
• Communicate formally and informally with virtual workers
• Establish meaningful performance standards
• Ensure visibility for your "out-of-sight" employees

Visit the Managing in a Virtual World web page.

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