"A Very Good Year…"
By Dean Lambert, Executive Director, LIC
January 2024
I purposely omitted the first two words from the well-known title of ol' Blue Eyes' hit song to prompt reflection on your own perspective regarding the past and future for your organization. Yes, the lyrics are outdated and one would really need to stretch in using the reflections of an aging troubadour into a business metaphor. It's really the title that inspires my question:
Was it a very good year? Will it be a very good year? For many of you the numbers may not truly be finalized until...
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Industry News
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Nearly All Surveyed Financial Services Leaders Adopting AI Despite Challenges
In December, Ernst & Young released its 2023 Financial Services GenAI Survey. Nearly all (99%) of the financial services leaders surveyed reported that their organizations were deploying artificial intelligence (AI) in some manner, and all respondents said they are either already using, or planning to use, generative AI (GenAI) specifically within their organization. Amid these universal adoption plans, just over one in five respondents said they are nervous or skeptical about the potential impact of GenAI on their organization.
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Crenshaw Headlines LIC2024
Dave Crenshaw, celebrated productivity and leadership expert, produced a one-minute video about his upcoming keynote presentation at the LIC Annual Conference in San Diego, February 7-9, 2024. He will be sharing The Result Formula, a practical technique proven to get results. See who's coming to the conference here and register to attend here.
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Webinar Examines Life Executives' Top Priorities
On January 31, 2024 (12pm ET), Equisoft presents its first 2024 Accelerate series webinar, with a deep dive into data gathered from top insurance executives in the past year. Examine executives' priorities for the coming 12-24 months and take away actionable insights you can leverage throughout 2024.
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LIMRA and LOMA Launch Industry Advantage
New Micro-Learning Program Helps Educate Employees on Industry Trends
In January 2024 LIMRA and LOMA launched Industry Advantage, a program that provides unlimited access to a library of bite-sized content with topics focused on life insurance, annuities, and workplace benefits.
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InsurTech Announces Spring Conference
The InsurTech Spring Conference is coming up in New York City, March 20-21, 2024. The conference brings together traditional insurers, insurtech companies, investors, and other solution providers to support the insurtech community.
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Preneed Forum Donates Teddy Bears for Hospice
At the November 2023 LIC Preneed Forum hosted by National Guardian Life Insurance Company, attendees came together to wrap 180 teddy bears and prepare them for donation to the Agrace Dori Bears Program. Agrace hands the bears out to hospice patients and family members. This activity was part of an initiative by LIC, LIMRA and LOMA to leave a lasting impact on the local communities where we hold conferences.
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Upcoming LIC Events
LIC Winter CEO Forum
Reserved for Insurance Company CEOs & Presidents
The Westgate Hotel, San Diego
February 6-7, 2023
LIC Annual Conference
The Westgate Hotel, San Diego
February 7-9, 2024
LIC HR Committee Meeting
March 6-7, 2024 (Location TBA)
Click here to hold a seat
New: LIC's 2024 Event Schedule
Insurance companies and fraternals are eligible for discounted bundle pricing: www.loma.org/LICSAVE
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LIC 2024 Premier Sponsors
Thank you to these LIC Premier Sponsors, who support all LIC events throughout the year.
Parkway Advisors
Parkway Advisors is focused on being the best most respected provider of service in the insurance industry. Parkway offers asset management, consulting, and statutory investment reporting services that are customizes 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
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
thinktum/illustrate
thinktum/illustrate is a technology company with a strong commitment to innovation, leadership and a responsibility to give back to the communities in which we serve. The dimmpl platform offers modular InsurTech systems that support true end to end functionality via multiple distribution models. Whether it be face-to-face or non-face-to-face, affiliate or direct-to-consumer, dimmpl supports you from early prospecting straight through to policy delivery. www.thinktum.com
QLAdmin Solutions
QLAdmin Solutions is a leading technology partner for the small to mid-sized insurance company offering traditional life, health, annuity, preneed, final expense, and Medicare Supplement products. QLAdmin serves the entire policy lifecycle from new issue to termination with expert policy administration processing that is both comprehensive and easy to use. QLAdmin continues to evolve based on product and client needs ensuring extreme client longevity and satisfaction with QLAdmin products and support. QLAdmin is your proven partner in policy administration. www.qladmin.com
Equisoft
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 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: As a networking organization, we welcome dialogue and input from our readers – therefore we are transitioning the Bullet to its new home in the LIC E-News online community at LICConnect. All Bullet subscribers have access to this forum, and others can request access by contacting lic@loma.org.
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Feature Article (Full Text)
"A Very Good Year…"
By Dean Lambert, Executive Director, LIC
January 2024
I purposely omitted the first two words from the well-known title of ol' Blue Eyes' hit song to prompt reflection on your own perspective regarding the past and future for your organization. Yes, the lyrics are outdated and one would really need to stretch in using the reflections of an aging troubadour into a business metaphor. It's really the title that inspires my question:
Was it a very good year? Will it be a very good year? For many of you the numbers may not truly be finalized until the later in the quarter (March, anyone?), so we're just talking here. You and me. How do you feel about 2023? Are you excited about your accomplishments – or excited to be moving on? Are you rolling into 2024 on a high note – or are you feeling more of a wait-and-see vibe?
InsuranceNewsNet senior editor John Hilton's take is that converting the COVID-19 spike in mortality awareness didn't materialize into the sustained sales surge for which most insurers hoped. He cites LIMRA research that avows "the combination of a strong economy and positive regulatory landscape should push life sales up 5% in 2024 and 2025." You can find the full article here.
Does this resonate with smaller life companies and fraternals? Reading the reports and articles, it seems sunny days lay ahead. Can LIC companies do what it takes to invest, compete and grow with 5% premium or revenue growth?
Tony Mravle, FLMI, PHR, is president and CEO of KSKJ Life and incoming Chair of the LIC Advisory Board. Mravle acknowledges that smaller life companies and fraternal societies face some unique challenges as a result of more modest resources and size.
"While we all desire increased sales, the strain of new business on our bottom lines is something we have to monitor closely and plan for in our projections and goals," he says. "All things being equal (improving bond valuations and experiencing expected lapse/mortality results and investment returns), a 5% growth rate could be manageable and welcomed by many smaller companies."
Mravle, like many CEOs, is mindful of the strain that rapid growth can cause on under-resourced companies, especially when accelerated sales stall as is the case shortly after the pandemic. Digging into precious surplus to implement technology resources required for remote sales was a necessity that for some, created a hole that will be difficult to refill. Many companies have chosen to double-down on innovation and technology adoption – which is great for our friends in insurtech, but is perhaps a cringeworthy permanent expense reality for senior insurance leaders to manage.
The trends and pundits are heralding positivity! The LIC will work hard to help ensure 2024 is indeed a very good year.
Postscript: We hope you're planning to attend the LIC Annual Conference, February 7-9 at the Westgate Hotel in San Diego, California. That'll be one big step to getting things right this year. CLICK HERE for information and registration.
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