In This Issue:

Underwriting: The New Paradigm

New research briefs

Education and Training

Events

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Featured in this month's Resource magazine:

Underwriting: The New Paradigm

Advances in product development, medical underwriting and automated underwriting have created a win-win climate for insurance companies and consumers. The new underwriting paradigm is an evolution that provides cost efficiencies for life and disability insurers and a better customer experience for applicants. This can help insures reach large and under-served markets, such as the individual middle market.

Read full article | Members: download the February issue

Survey Says: Life Insurance Industry Making Strategic Investments in IT

Life and annuity companies are increasing IT investments by an average of two percent in 2013, according to a recent survey of insurers in North America conducted by LOMA and Strategy Meets Action (SMA). The top business drivers for IT spending are expense reduction and growth, a clear indication that insurers are carefully balancing IT investments. The research focuses on the technology spending trends among life and annuity insurers in North America, analyzing how IT budgets are changing, where the money is being spent, and what drives technology investment decisions.

Read the article

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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:

Ready for Retirement

According to LIMRA's recent study, The Pre-Retiree Market: Surveying the Landscape, only 48 percent of U.S. pre-retirees (non-retired aged 55-70) believe they will be able to live the lifestyle they wish in retirement. The study found that three in ten pre-retirees have not started any basic retirement planning. LIMRA's research indicates that retirement preparedness is strongly linked to the completion of key retirement planning activities like determining one's income and expenses, calculating assets and how long they will last, identifying an individual's retirement goals, and projecting how much those objectives will cost. Yet looking at five retirement planning activities identified as critical for retirement, no single activity had been accomplished by the majority of pre-retirees surveyed. To meet these needs, financial services companies have spent the last several years developing tools and programs designed to improve individuals' retirement readiness – through projections and estimations, health care calculations and other means of preparation and education. Review some recently released solutions in "Retirement Readiness Tools and Programs."

Members: Download "Retirement Readiness Tools and Programs"

Who Benefits?

Some of LOMA's industry committees have conducted informal polls on beneficiary-naming practices at the application stage and at the point of any changes. Learn more about insurers practices for documenting these important customers in "Beneficiary Documentation and Designation Practices."

Members: Download "Beneficiary Documentation and Designation Practices"

Keeping It Informal

According to LOMA's New Business Committee, insurers do not take a common approach to processing preliminary or informal applications. Explore protocols for handling "trial" business in "Preliminary / Informal Application Practices."

Members: Download "Preliminary / Informal Application Practices"

Retirees Calling…

Retirement plan providers are usually faced with the dual task of serving two audiences – plan sponsors and plan participants. Recently, LOMA's Retirement Plans Committee conducted some informal surveys among its members to examine call center practices that impact these customer groups. For example, the committee asked about service levels, operating hours, and specific transactions that can be initiated through contact with a customer service representative (CSR). View these survey results in "Retirement Plan Call Center Practices."

Members: Download "Retirement Plan Call Center Practices"

Faster New Business

Though many insurers have not yet achieved a new business process free of manual intervention, several companies have used electronic applications for years. In fact, polls conducted among LOMA committees indicate that most participants have adopted some level of e-app usage for at least one product line. For more on insurers' attempts to automate their application process, download "E-Apps Streamline New Business."

Members: Download "E-Apps Streamline New Business"

Some Identification, Please

Insurers' policyowner service units and contact centers receive a constant stream of service requests through several communication channels. These requests can come from a number of sources – insurance policyowners, agents, spouses, individuals who have been granted power of attorney, and other third parties. Learn how insurers validate these callers' identities in "Who's Asking? Authenticating Clients, Producers and Third Parties for Service Requests."

Members: Download "Who's Asking? Authenticating Clients, Producers and Third Parties for Service Requests"

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:

Grade Levels for Claims Examiners

Home Site Visits for Telecommuting Workers

Customer Service Week Celebrations

Executive Transportation and Travel

Notification of Level Term Period Ending

Location- or Product-Differentiated Service Centers

Business Continuity Plan

Managing the Call Center Environment

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.

Education & Training

Ed Reps: Join us on February 28 for a LOMA Webinar!

We're excited about a new year and new opportunities to partner with you in helping your employees ignite their potential! If you are a LOMA Educational Representative, please join us for a free Webinar on February 28, 2013 at 2PM EST as we offer an overview of all of the great resources that are available to our Ed Reps. To sign up, please send an email to Kathryn Brown at brownk@loma.org.

Reach for it in 2013

If you're currently working toward earning a LOMA designation, we've got another great incentive for you. The 2013 LOMA Annual Conference & Conferment will take place in beautiful Orlando, Florida! Click on the link to learn more…and you can even get a sneak peak at all the excitement by viewing the highlights video from last year!

We All Have Customers

No matter which area of your company you work in, chances are that you have customers who depend on you. Whether they are inside – or outside of - your company, these individuals look to you to provide excellent service. Customer Service for Insurance Professionals (ACS 101) will help you do just that!

Find out more about Customer Service for Insurance Professionals

See more!

Upcoming LOMA Events

Events

Winning Strategies for Managing Risk Today

Regulatory Compliance Exchange
March 20–22, 2013
Las Vegas, Nevada

The Regulatory Compliance Exchange is planned by Compliance professionals for Compliance professionals. We meet each year to examine crucial regulatory issues and learn effective compliance practices from our peers. We will also hear from regulators — including FINRA's Los Angeles district director David Greene — who will discuss their regulatory focus for the year ahead. The conference will help you address today's broad range of hot issues, including unclaimed property and vulnerable clients. NOTE: This meeting features special opportunities for executives to meet with each other and with regulators.

Find out more or register!

Technology. Business. Connected.

ACORD LOMA Forum
May 6-8, 2013
Las Vegas, Nevada

The program for the 2013 ACORD LOMA Forum is now posted. New this year: clearly defined session tracks to help you connect with the content you need. They include:

• Customer Experience
• Data & Analytics
• Distribution
• Legacy Modernization
• Regulatory & Compliance
• Technology
• ...and more!

Visit the ACORD LOMA website for all the latest program and speaker information.

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