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INDUSTRY NEWS | LIC EVENTS | LIC SPONSORS
December 2025
Change Management in the Life Insurance Industry: Navigating Culture, Technology, and Customer Experience
By Dean Lambert
Executive Director, LIC
The life insurance industry is undergoing a profound transformation driven by mergers and acquisitions (M&A), technological disruption, and evolving customer expectations. Change management - the structured process of transitioning individuals, teams, and organizations from their current state to a desired future state - is no longer optional; it is a strategic imperative. Successful change management ensures that operational shifts do not compromise culture, customer trust, or business continuity....
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GUEST EDITORIAL
AI Probably Won't Replace Your Job - But Someone Who Uses AI Might
By Jeffrey S. Shaw, CLU, ChFC
President, Small Company Consulting
Past Executive Director of LIC
In 1991, I bought an IBM PC with a dial-up modem and caught my first real glimpse of the internet. We used file transfer protocol back then; the World Wide Web was still in its infancy. I remember waiting impatiently for an image to slowly load and hoping no one would call and break the connection before it was finished. Yet, despite all the clumsiness, inconvenience, and expense, it was clear that we were witnessing a transformational technology that would change our lives.
Back then, the internet triggered countless questions. Was the vast fiber-optic network necessary for global connectivity even feasible? Would we ever need to shop in brick-and-mortar stores...
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Industry News
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Maria Ferrante-Schepis To Headline LIC2026
We are excited to announce that industry thought leader Maria Ferrante-Schepis will be the keynote speaker at the LIC Annual Conference in Tucson, Arizona, February 4 – 6, 2026!
Maria brings expertise from over 25 years working in the insurance and financial services industry in multiple roles, driving client engagement and thought leadership as a speaker and author. Her latest book is Unfair Comparisons: Nuancing the "Sold Not Bought" Category. Detecting these often overlooked or outright ignored nuances is paramount for success in the insurance industry. This featured presentation will bring the 21 nuance concepts to life for the whole company, showing how marketing and distribution, technology, executive, and anyone charged with innovation must collaborate with a nuanced understanding of the consumer.
In addition, attendees will be sharing challenges and practical solutions, hearing the latest on industry trends, and networking in the awe-inspiring Arizona setting. See the full agenda at the link below.
CEOs: Come early for the LIC Winter CEO Forum, February 3 – 4, featuring an executive workshop on strategic imperatives led by Maria Ferrante-Schepis, plus industry trends, opportunities, and fellowship. www.loma.org/LICCEO
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Byron Allen Featured in Spotlight Video
Byron Allen, CEO of American Savings Life Insurance Company, was featured in a recent Spotlight video produced by Equisoft.
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Boston Mutual Appoints Grant David Ward as New CEO
Boston Mutual Life Insurance Company announced the appointment of Grant D. Ward Sr., JD, as the company's next Chief Executive Officer and President, effective January 1, 2026. Ward will succeed Paul A. Quaranto, Jr., following his retirement in December 2025.
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RGA Whitepaper Weighs the Evidence on GLP-1s
A new RGA study quantifies the expected impact of anti-obesity medications such as GLP-1s on population mortality and morbidity in the US, UK, Canada, and Hong Kong.
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Zinnia CEO to Retire
Zinnia, a leading life and annuity technology company, announced that Michele Trogni has announced her retirement from her role as its Chief Executive Officer and Chair. George Esposito, currently Executive Vice President and Head of Insurance Platforms at Zinnia, has been appointed Chief Executive Officer and a member of the Board of Directors.
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JAB Insurance to Acquire Columbian Mutual
JAB Insurance announced that it has signed a purchase agreement to acquire Columbian Mutual Life Insurance Company and its Illinois-based subsidiary, Columbian Life Insurance Company, both of which are in rehabilitation.
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AI in the News
Here is a compilation of some of recent articles we found interesting.
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Upcoming LIC Events
LIC Winter CEO Forum
(Reserved for Insurance Company/Fraternal CEOs)
Omni Tucson National Resort & Spa
February 3 – 4, 2026
CEOs of small-to-midsize insurance companies and fraternals meet for networking and discussion of their most pressing issues.
2026 LIC Annual Conference: Going to Market
Omni Tucson National Resort & Spa
February 4 – 6, 2026
Networking, education, and inspiration for small-to-midsize insurance executives in all senior leadership roles.
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LIC 2025 Premier Sponsors
Thank you to our LIC Premier Sponsors, who support all of LIC's activities throughout the year.
Parkway Advisors is focused on being the best and most respected provider of service in the insurance industry. Parkway offers asset management, consulting, and statutory investment reporting services that are customized to the needs of each insurance client. Through Parkway's emphasis on personal service, custom solutions, and strong communication, our clients have enjoyed historically strong performance success, especially during the financial crisis and the low interest environment that has followed. www.parkwayadvisors.com
iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management. www.ipipeline.com
Equisoft is a business-first technology company dedicated to helping insurance and wealth management organizations reach their goals. Specialized expertise: Over 25 years of experience helping small and mid-sized life insurers & fraternals solve their biggest challenges through digital transformation. www.equisoft.com
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About The LIC Bullet
The Bullet is the official e-newsletter of the Life Insurers Council, which has been providing networking and practical business solutions for life insurers since 1910. As a council of LIMRA and LOMA, LIC serves the unique needs of small to midsize member companies, offering a personal network of peers with practical solutions to shared challenges. The Bullet delivers immediate and relevant industry news and editorial.
LIC E-News Online Community: The LIC Bullet is posted in the LIC E-News online community at LICConnect, where we welcome dialogue and input from our readers. All Bullet subscribers have access to this forum, and others can request access by contacting lic@loma.org.
SET YOUR LICCONNECT NOTIFICATION PREFERENCES
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Feature Editorial (Full Text)
Change Management in the Life Insurance Industry: Navigating Culture, Technology, and Customer Experience
By Dean Lambert, Executive Director, LIC
The life insurance industry is undergoing a profound transformation driven by mergers and acquisitions (M&A), technological disruption, and evolving customer expectations. Change management - the structured process of transitioning individuals, teams, and organizations from their current state to a desired future state - is no longer optional; it is a strategic imperative. Successful change management ensures that operational shifts do not compromise culture, customer trust, or business continuity.
Cultural Impact
Culture is often the silent determinant of success in any change initiative. In the wake of M&A activity, cultural integration becomes a critical challenge. Organizations must reconcile differing values, leadership styles, and employee engagement practices. Failure to address cultural alignment can lead to talent attrition and diminished morale. Leaders should prioritize transparent communication and foster a shared vision that resonates across legacy organizations. As the saying goes, "culture eats strategy for lunch" - and in life insurance, where trust and relationships are paramount, cultural cohesion is essential.
Technology Transformation
Digital innovation is reshaping the insurance landscape. From AI-driven underwriting to predictive analytics for risk assessment, technology promises efficiency and personalization. However, implementing new platforms requires robust change management to mitigate resistance and ensure adoption. Training programs, phased rollouts, and continuous support are vital to help employees adapt. Moreover, cybersecurity and data privacy must remain top priorities as insurers handle sensitive customer information in increasingly digital ecosystems.
Marketing Evolution
Marketing strategies in life insurance are shifting from product-centric to customer-centric approaches. Digital channels, social media engagement, and personalized campaigns are now standard. Change management plays a role in equipping marketing teams with new tools and data-driven insights. Aligning marketing efforts with technological upgrades ensures consistent messaging and enhances brand credibility during periods of organizational change.
Business Process Optimization
Operational processes, from policy issue to processing claims, are being streamlined through automation and workflow redesign. While these changes improve efficiency, they also require employees to embrace new roles and responsibilities. Clear documentation, process mapping, and stakeholder involvement are key to reducing friction. Change leaders must anticipate bottlenecks and provide resources to maintain service quality during transitions.
Customer Experience
Ultimately, the success of change initiatives is measured by their impact on customers. Life insurance clients expect reliability, transparency, and personalized service. Disruptions caused by system migrations or organizational restructuring can erode trust. Proactive communication, self-service options, and responsive support channels help maintain confidence. By embedding customer-centric principles into every stage of change management, insurers can turn transformation into a competitive advantage.
The Numbers Behind the Change
- M&A Activity: Globally, life and health insurance M&A deals fell from 131 in 2022 to 80 in 2023, but total deal value rose to $21.5 billion, signaling a trend toward fewer but larger transactions. In North America alone, deal value surged from $2.7 billion in 2022 to $12.5 billion in 2023 despite fewer deals.
- Industry Outlook: PwC's May 2025 Pulse Survey shows that 51% of executives are actively pursuing M&A, with 31% taking initial steps and 20% beyond initial steps, reflecting strategic repositioning amid economic and technological shifts.
- Technology Adoption: Capgemini reports that modern cloud platforms and generative AI are driving end-to-end digital experiences, enabling insurers to deliver personalized customer journeys and optimize costs.
Conclusion: In an industry built on promises and long-term security to make good on those promises, managing change effectively safeguards both organizational integrity and customer trust. By addressing cultural integration, leveraging technology, modernizing marketing, optimizing processes, and prioritizing customer experience - while being informed by market trends and statistics - life insurers can thrive amid uncertainty and position themselves for sustainable growth.
Mark Your Calendar:
The first LIC Change Management Summit is being held Wednesday, October 21 to Thursday, October 22, 2026. Attending our charter event on this important discipline will provide an opportunity to set the tone and discussion path for middle market life insurers.
More important, we want your input before we set the agenda! Please send me an email with your thoughts and input at your earliest convenience. I'll review and save it as we organize and plan the meeting. My email is dlambert@limra.com.
Happy holidays to all who celebrate the season!
Dean Lambert, Executive Director, LIC
PLEASE NOTE NEW PHONE NUMBER: (475) 372-5298 (mobile)
dlambert@limra.com
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Guest Editorial (Full Text)
AI Probably Won't Replace Your Job - But Someone Who Uses AI Might
By Jeffrey S. Shaw, CLU, ChFC
Small Company Consulting
Past Executive Director of LIC
In 1991, I bought an IBM PC with a dial-up modem and caught my first real glimpse of the internet. We used file transfer protocol back then; the World Wide Web was still in its infancy. I remember waiting impatiently for an image to slowly load and hoping no one would call and break the connection before it was finished. Yet, despite all the clumsiness, inconvenience, and expense, it was clear that we were witnessing a transformational technology that would change our lives.
Back then, the internet triggered countless questions. Was the vast fiber-optic network necessary for global connectivity even feasible? Would we ever need to shop in brick-and-mortar stores again? Would people truly be comfortable using credit cards for online purchases? Or was this all just a passing fad?
With the emergence of artificial intelligence, we are reliving that same era of uncertainty. Will we ever have the energy needed to power AI at scale? Will super-intelligence replace our jobs and cure disease? Or will AI make the Terminator movies look less like science fiction and more like a documentary?
Just as no one in 1991 could predict the full impact - both positive and negative - that the internet would have on the world, it is equally foolish to confidently proclaim how AI will shape our lives over the coming decades. One thing, however, is increasingly clear: we are on the cusp of another sweeping technological transformation - again, both positive and negative - that is already changing everything.
The major difference between then and now is that we do not have to wait for the benefits of this technology to materialize. The ability of AI to transform your business and workforce today is limited only by imagination - and willingness.
In my anecdotal and informal conversations about AI, I've observed a consistent theme: most people say they do not like AI for a variety of reasons. And most of them have rarely used it for those same reasons. On the other hand, people who have embraced AI in both their personal and professional lives continue to search for more ways to leverage it for their own benefit.
I understand the concerns. AI can provide inaccurate information. It can flatter and mislead. It can hallucinate. It requires enormous amounts of energy to function. And much of the public discussion focuses on how it will replace jobs.
It's also not going away.
Recently, I reached out to Eric Johansson, Executive Vice President and COO of Liberty Bankers, to ask whether he used AI in his role and if we might schedule a short call for me to take notes on his perspective. Instead of a call, Eric sent me a detailed and thoughtful summary of how he has been using AI over the past six months - written by AI. So much for the limits of my own imagination.
This comment from Eric perfectly encapsulates his view:
"For me, using AI isn't optional; it's survival. Our staffing levels are lean compared to many of our peers. AI helps us absorb that workload. When people see AI cutting hours off routine tasks, adoption tends to follow on its own. In short, AI has become a daily companion in how I run operations - an analyst, editor, planner, and creative partner that helps me make better decisions faster. It doesn't replace people; it elevates them by removing friction, sharpening insights, and freeing leaders to focus on what truly drives growth and customer value."
It is becoming increasingly clear that we are beginning to manage two distinct workforces: those who use AI to become better, more productive, and more efficient - and those who do not. The performance gap between these two groups will only widen, and it will become increasingly visible to everyone.
Eric's message to me was an intensive case study in both the breadth and depth of AI's capabilities. In the interest of brevity, I will try to summarize just five recurring themes I've observed in my own experience and in discussions with people like Eric.
1. Communication
As a large-language model, writing is arguably one of AI's strongest capabilities. Say goodbye to rambling department-wide emails that leave everyone wondering what the actual point was. Remember agonizing over how to diplomatically challenge your boss? Or struggling to summarize a complex procedure, job description, or vendor performance document? Or crafting a compelling business case for a new product? Or attending a meeting with no agenda and no stated purpose? AI can generate all of these in seconds - often in a format equal to or better than what once took us hours or days.
To be clear, AI is not a replacement for all writing. Sometimes the act of writing itself is essential to clarify your thinking. Your unique voice and judgment may also be required. It can be helpful to first produce a rough draft, so the AI better understands your intent. But when used as an interactive editor, the end product is almost always improved.
2. Strategic Planning
Most people think of strategic planning solely in terms of enterprise-wide goals, priorities, and execution - and AI is exceptionally capable in this domain. But clarity around goals and direction is just as important at the individual level.
Every employee wants higher compensation, and most want advancement. AI can help them identify the skills, behaviors, and results required to achieve those goals. Many people struggle with work-life balance and are searching for better ways to use their time at work so they can be more present at home. AI can assist with prioritization, organization, and execution to achieve that end.
Managers are constantly asked to improve efficiency, reduce errors, and stretch limited resources in seemingly impossible ways. When AI is used as a strategic partner, mentor, or executive-level coach, it places a powerful new resource in the hands of every employee with the foresight and ambition to use it.
3. Analytics Without a Programming Degree
Effective analytics has always depended on two things: having the right data and being able to turn that data into usable insight. Historically, this second step often required specialized IT skills, long project timelines, and formal prioritization processes - leaving many good ideas permanently trapped on the "someday" list.
AI fundamentally changes that dynamic. Today, non-technical employees can use AI to extract, organize, analyze, and interpret data in ways that previously required dedicated programming or business-intelligence resources. Routine reports can be automated. Large datasets can be summarized in plain English. Trends, anomalies, and inconsistencies can be surfaced in minutes rather than weeks.
This does not eliminate the need for experienced IT professionals or sound data governance. AI still makes mistakes, and output must be validated. But access has changed. Departments no longer have to wait in line for analytical support to ask better questions and get actionable feedback.
For organizations operating with lean staffs and limited project capacity, this shift is nothing short of transformational.
4. Challenging Assumptions and Strengthening Ideas
Although it sounds cliché, we are all influenced by the limits of our own experience. Hierarchies, egos, and institutional memory can restrict open dialogue and originality. While it is true that AI can be used to reinforce existing biases, it can also serve as an unemotional, non-judgmental sounding board that challenges our assumptions.
Imagine being able to pre-vet your ideas, proposals, and strategies by asking AI to generate counterarguments before presenting them. How much more confident would you feel pitching an idea to your boss, your board, or your staff if AI had already surfaced likely objections and alternatives? In many cases, this process strengthens your final recommendation. In some cases, it may even change your mind.
5. AI Needs to be Managed
A common theme among people who conclude that AI isn't useful is that they tried it once, were disappointed with the results, and assumed the problem was with AI rather than how it was used. AI requires a context in order to be effective. If you just ask an AI engine to draft a sales plan for a new product launch or provide some tips on how to be more productive, your experience probably won't be much better than running a generic Google search. AI's effectiveness is directly related to the more detailed and specific your question is.
Using the product launch example above, it's worth taking the time to provide background on the type of product you're launching, what your time frame is, what level of sales growth you're aiming for, who your competition is and how your product is different.
For the improving productivity example, explain what projects comprise your workload, how much time you spend on them, what factors impede your productivity, how you define "productivity" and how you might measure success.
This allows you to take advantage of another capability of AI: you can ask it to remember the information you've provided. The most effective users develop reusable prompts and workflows, rather than starting from scratch each time. Ask it to remember your "product launch project" or "productivity initiative" and it will.
That leads to another benefit of AI - you can keep asking follow up questions. Ask for clarification on points you may disagree with or want to better understand. You can ask for links to outside resources so you can verify for yourself the validity of what AI is telling you – or to do a deeper dive into a particular topic. AI should be treated like a fast, tireless, junior analyst - useful for drafts, analysis, and alternatives, but always subject to review and verification.
Anyone who has used AI regularly has experienced frustration at some point because they just aren't getting the quality of information they require. Sometimes, this is because there are still important things AI simply isn't capable of doing yet. In other cases, it's because you just haven't framed your prompt properly to give it what it needs to succeed. The good thing is, when you're feeling frustrated, you can express this to the AI engine and ask for suggestions about how you can make it better. Regardless, good AI management also means knowing when not to use it, as well as how to use it.
Will AI autonomously underwrite policies, dynamically price risk, transform customer service, and automate most operational workflows across the life-insurance enterprise? Maybe. Maybe not. But whatever long-term cost savings may come, they are already being outweighed by the tangible benefits of putting this powerful tool into the hands of every employee today. In terms of human-capital leverage, AI is the great equalizer - placing smaller companies on the same footing as their larger competitors. The only real limit is our imagination.
Jeff Shaw, Small Company Consulting
jshaw@smallcompanyconsulting.com
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