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Benefits of LIC Membership

Benefits of LIC Membership

Any small or medium-size life insurance company should seriously consider becoming a member of LIC, the only industry organization that specifically addresses their unique needs. LIC’s goal, Improving Performance Through Shared Excellence, is accomplished by helping senior management develop strong business relationships with peers at similar companies, providing practical solutions for companies with limited staff and resources, and learning and responding to the interests of each and every member company. Our Executive Director, Jeff Shaw, explains the LIC value proposition in the video linked to the right of this web page.

Networking

A strong bond exists between LIC members due to their shared experience in meeting the needs of the underserved markets. As a result, there is an openness and warmth that permeates our programs that is enhanced by our focus on more intimate venues and smaller group meetings. As a council of LOMA and also affiliated with LIMRA, LIC is able to provide its members easy access to a full range of educational, research, compliance, and assessment capabilities as well as a vast database of industry data. Committees meet in person once or twice a year, and remote participation is frequently offered to help reach more of the smaller LIC member companies.

Committees

LIC committees share information on various aspects of the life insurance business and explore ways of developing and improving member companies’ methods of operation and management. Committees include Laws & Legislation, Operations & HR, Technology & Project Management, Investment, Enterprise Risk Management, and Marketing.  Committees provide an excellent opportunity to network and develop resources with peer companies – they have access to an online Q&A forum year-round and regular networking/educational meetings. LIC Committee meetings are a free membership benefit for member insurance companies and one of the most highly valued opportunities of membership. They exemplify the mission of LIC: Improving Performance Through Shared Excellence.

Conferences and Workshops

LIC members receive discounted registration fees at many informative industry meetings. Key events include our annual Final Expense Workshop in the spring and Preneed Forum in the fall, as well as the Annual Meeting & Marketing Conference in February. In addition, LIC hosts periodic one-day workshops as needed on topics related to profitability management and business execution for smaller life insurance companies. See the Events page for details on upcoming meetings.

Publications

LIC’s e-newsletter, The Bullet, includes news and analysis about issues of concern to senior management executives in smaller life companies, plus information on upcoming events and company activities. The annual LIC Membership Directory, available in print and online, provides information on all member and affiliate member companies as well as contact information for key personnel and is only available to LIC members. We also publish research reports for distribution to participating companies and available online for all other members.

Surveys and Benchmarks

Independently and also with the support of LIMRA research staff and member companies, LIC conducts systematic surveys and benchmark reports on topics that are of interest to our members. We have been tracking sales data for the Final Expense and Preneed markets for many years, and offer participating member companies the opportunity to include questions of interest to them.

Affiliate Members

Due to the niche markets our members serve, LIC places special emphasis on recruiting affiliate member companies who truly understand the unique needs associated with the modest and middle income markets. These companies provide an important network of valuable industry resources that might otherwise be hard to find. In the same way, LIC membership provides exceptional value for affiliate member companies who are looking for opportunities to share their expertise with prospective insurance companies on a favorable and intimate basis. Affiliate Members are able to participate in LIC committee meetings by paying a per-event sponsorship fee.

How to Join

New members are accepted year-round, so we encourage you to complete your application today. Any company that is already a LOMA member can join with the addition of the LIC Access Fee to their annual membership dues.

If your company doesn’t already belong to LOMA, you can join LIC by completing the LOMA Membership Application and checking the LIC box within. Your membership will include both organizations, so you’ll enjoy all of the educational resources LOMA offers as well – including direct access to 1-800-ASK-LOMA for customized research and information, and much more.

We welcome you to contact us at lic@loma.org to set up a call or meeting to learn more about how LIC membership can benefit your company, and get an opportunity to see our value in action.



LIC Intro Video
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