In This Issue:

2013 Technology Directory

Data and Analytics a Game-Changer

New research briefs

Education and Training

Events: Don't miss keynote speaker Bob Woodward

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Featured in this month's Resource magazine:

Information on Technology for Insurers

Insurance companies constantly look to technology for ways to improve efficiency, reduce expenses and operate more effectively. But finding the best technology solution for your company is no easy job. Each year LOMA's Technology Directory surveys the marketplace for insurance industry-specific technology solutions and services. The new 2013 edition of the directory, available now both in print and on the Internet, is a handy reference source of systems, tools and services that can help you enhance and expand your company's use of technology

Visit the directory | Members: download the Dec issue

Data and Analytics a Game-Changer

Analytics plays an increasingly important role in customer acquisition and competitive advantage in the life insurance industry, according to a new research report published by SMA. The December issue of LOMA's Resource magazine takes a look at the report, and interviews an SMA partner on the topic. Some life insurers believe that they have not capitalized on business intelligence to the extent that they would like and some life insurers are actually investing more in baseline business intelligence than in advanced analytics or Big Data.

Read full article | Members: download the December 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:

All Together Now

It's a compelling idea in today's multi-channel world – that an employee can use any device, at any time, to access any type of communication (voice mail, instant messaging, traditional phone system, videoconferencing, e-mail, etc.). And it's the concept behind unified communications (UC), a state of communications integration in which a common interface unites multiple channels and allows a worker to, for example, receive calls from an office line on a mobile phone or use presence technology on any device to check on the real-time availability of a colleague. Learn more in "Unified Communications Initiatives at Life Insurers."

Members: Download "Unified Communications Initiatives at Life Insurers"

Licensed to Serve

Do back-office service and processing staff need insurance or securities licenses? Some insurers – especially those who sell equity-based products – believe they do. These companies mandate licensing or qualifications for certain service and supervisory positions in the home office. Some of LOMA's industry committees have conducted discussions and informal polls among their members in order to examine these practices more closely. In particular, they have focused on non-sales positions that are required to pass examinations sponsored by the Financial Industry Regulatory Authority (FINRA) to support variable products. Find out more in "Licensing Practices for Service and Processing Staff."

Members: Download "Licensing Practices for Service and Processing Staff"

A Change of Account

Convenience can sometimes be a little inconvenient. Over the years, insurers have offered consumers more choices in the channels through which the companies receive and disburse policyowner funds, such as electronic funds transfer (EFT) and online billing. But many of these choices involve the handling and updating of customers' bank information and therefore generate some additional administrative complexity. Through informal surveys, some of LOMA's industry committees have explored their peers' protocols for accepting, verifying and changing policyowner bank account information. Review these practices in "Handling Policyowner Bank Account Validation and Changes."

Members: Download "Handling Policyowner Bank Account Validation and Changes"

We're Standing By For Your Call

Are Saturday hours necessary? What are standard hours for service centers? The answers to these questions may vary, as an insurer's optimal call center schedule can be impacted by several company-specific factors – the geographic concentration of its customer base, the existence of "back-up" contact centers in other time zones, the robustness of online service capabilities, and the company's own customer call volumes and patterns. For the purpose of comparison, some LOMA members have submitted their service and call-center operating schedules, which are detailed in "Open for Business: Call Center Operating Hours."

Members: Download "Open for Business: Call Center Operating Hours"

I Want a Refund…

Sometimes customers overpay on their policies, sometimes they have extenuating financial circumstances, and sometimes they simply want their money back on a new policy they've decided not to take. How – and when – do insurance companies handle these requests for premium refunds? To find out, LOMA's industry committees have conducted some informal polls that explore specific return-of-payment scenarios. Review these procedures in "Refunding Premiums: Company Practices."

Members: Download "Refunding Premiums: Company Practices"

Education Pays

In today's knowledge-based economy, companies' competitive advantage rests largely in the collective talent of their employees. While investments in employee training and education (including tuition assistance programs) have long been viewed as valuable but difficult-to-quantify recruitment and retention tools, research is emerging that highlights their strategic potential. Many insurers and financial services companies offer educational assistance in some form, as revealed in informal surveys conducted among LOMA's industry committees. Explore these education assistance policies in "Tuition Reimbursement Programs at Life Insurance Companies."

Members: Download "Tuition Reimbursement Programs at Life Insurance Companies"

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:

E-Presentment of Producer Document Copies

Web Site Usage and Call Center Utilization

Gathering Sales Force Feedback

IVR Systems Support

BYOD Policies

You may be closer to a designation than you think!
Check your student record — log in to LOMANET.
For assistance, contact your company's Ed Rep or e-mail education@loma.org.

If you are in a position to influence and encourage your colleagues, remind them to make 2013 the year they take charge of their professional development, ignite potential and acquire the knowledge and skills for success.

Education & Training

Another Year Ending...Get Ready for 2013!

Congratulations to everyone who has earned a designation this year! Dedicated professionals like you truly make our industry great. Keep up the great work!

Keep professional development as a high priority when setting goals for 2013.

"Learn from the past, set vivid, detailed goals for the future, and live in the only moment of time over which you have any control: now. " ~ Denis Waitley

Thinking about earning a LOMA designation? Working toward one now? Something to know: 90% of LOMA designees state that earning a LOMA designation helped their career.

How to get started

Check your progress

See more!

Upcoming LOMA Events

Events

Don't miss keynote speaker Bob Woodward
Featured at the ACORD LOMA Forum,
May 6-8, 2013 in Las Vegas

"Woodward has established himself as the best reporter of our time."
— Bob Schieffer of CBS News

Candid and straightforward about the leaders he has observed, Bob Woodward explores with audiences the successes and failures of Presidents from Nixon to Obama. His keen insight on leading while adapting to changing circumstances is thought provoking and relevant to us all.

Since 1971, Bob Woodward has worked for The Washington Post where he is currently an associate editor. He and Carl Bernstein were the main reporters on the Watergate scandal for which The Post won the Pulitzer Prize in 1973. Woodward has authored or co-authored 17 books, all of which have been national non-fiction best sellers. His most recent book is The Price of Politics (September, 2012).

Make your plans now to attend the ACORD LOMA Forum, May 6-8, 2013, at the MGM Grand, in Las Vegas.

For more information or to register, visit www.acordlomaforum.org.

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