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Reflecting on LIC's Annual Conference, Looking Forward into 2024
By Dean Lambert, Executive Director, LIC
More than 100 life insurance leaders-and
professionals from affiliated industries committed to serving LIC members-participated in the 2024 LIC Annual Conference held at the Westgate Hotel in San Diego. We're grateful for the amazing turnout and early feedback indicates we achieved our primary aim to spark the imagination of our attendees.
"Imagine" was the theme of this year's conference, chosen because imagination is required by leaders and employees alike in solving problems or achievements large or small. Whether you're goal is enterprise transformation...
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Industry News
SKIP TO UPCOMING LIC EVENTS
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CL Life Appoints Douglas Brown to Chief Actuary
CL Life and Annuity Insurance Company announced in January 2024 the appointment of Douglas Brown as Chief Actuary. He will be responsible for providing strategic insights and actuarial advice to the firm's senior management team, as well as play a critical role in driving financial success and managing risk.
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McKinsey Talks About Talent Landscape for 2024
In a January 18, 2024 podcast, McKinsey partners Bryan Hancock and Brooke Weddle spoke with global editorial director Lucia Rahilly about the trends that shaped last year's talent landscape-and those poised to redefine its contours in 2024.
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KBRA Affirms Rating For GCU
In January 2024 KBRA affirmed the insurance financial strength rating (IFSR) of A- for GCU, a fraternal benefit society domiciled in Beaver, Pennsylvania. The Outlook is Stable. The rating reflects GCU's continued favorable growth trends in surplus and overall capital base that remain underpinned by its demonstrated, consistent trends of profitability.
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LIC2024 Draws 110 To San Diego
The 2024 LIC Annual Conference wrapped up in San Diego February 7-9, with 110 registrants networking and discussing the theme "Imagine!" Presenters included productivity and leadership expert Dave Crenshaw, demographer Ken Gronbach, innovation consultant Carlos Rojas, and a panel of LIC member CEOs. The meeting also raised $1,123 for the San Diego Food Bank, part of LIC's initiative to leave a lasting impact in the communities where we meet. #meetingsthatmatter
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KBRA Discusses Collateralized Reinsurance
On January 18, KBRA and Insurance Insider presented a webinar which explored the current state of play in the collateralized reinsurance market and a tightening capital arena. The recording is available on demand.
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U.S. Annuity Sales Post Another Record Year in 2023
For the second consecutive year, U.S. annuity sales set an all-time record high, according to preliminary results from LIMRA's U.S. Individual Annuity Sales Survey, representing 83% of the total U.S. annuity market.
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Bretz to Lead ERM Solutions at Bruce & Bruce
Bruce & Bruce Actuaries and Consultants is expanding its consultancy to include enterprise risk management solutions, with leadership by Kelly Bretz, LLC. Bretz is a seasoned professional and trusted advisor to the insurance industry for 40 years, with extensive experience in creating, enhancing and leading ERM programs.
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PAS Modernization Is Focus of March 20 Webinar
Equisoft's Accelerate Series is presenting a webinar "Practical Advice for PAS Modernization from Project Veterans," March 20, 2024 at 12 p.m. Eastern.
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Ryan Goins Named Homesteaders SVP-Finance and Accounting
Insurance Newsnet's John Hilton reported on a recent meeting of the NAIC Life Actuarial Task Force in a February 14, 2024 article, indicating that some state regulators want to tighten rules for life insurers entering reinsurance agreements.
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Regulators Look To Tighten Reinsurance Rules
Insurance Newsnet's John Hilton reported on a recent meeting of the NAIC Life Actuarial Task Force in a February 14, 2024 article, indicating that some state regulators want to tighten rules for life insurers entering reinsurance agreements.
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Edelsberg Joins Gallagher Re
At the beginning of 2024 Andrew Edelsberg joined Gallager Re as SVP/Senior Broker, Head of Business Development - Life Solutions.
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Kemper Names Camden as Chief Financial Officer
Kemper Corporation announced on February 12, 2024, that Bradley T. Camden has been named Executive Vice President and Chief Financial Officer, effective immediately. Camden, who has served as Interim CFO since September 2023, will report to Joseph P. Lacher, Jr., Kemper's President, CEO and Chairman.
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US Economy Could See Slowdown in 2024
The U.S. economy performed better than expected in 2023, significantly reducing the possibility of a recession in 2024. However, according to a new AM Best report, growth is still set to slow due to a variety of headwinds.
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InsurTech Conference Coming March 20-21
The InsurTech Spring Conference will be held 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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Register for the 2024 Life Insurance & Annuity Conference, San Antonio, April 15-17, 2024
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Consultants Predict AI Threat to White Collar Jobs
In a February 12, 2024, Wall Street Journal article, concern was raised about the impact AI will have on white collar jobs.
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Insurtechs Make Fintech 50
Six insurtech startups made the Forbes Fintech 50 list for 2024, "each using technology differently to try to make insurance cheaper, more effective and more accessible."
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A $700 Billion Insurance Product Is Powering the US Credit Market Rally
Record annuity sales are powering demand for corporate debt and commercial mortgage bonds, according to a February 12, 2024 Bloomberg article.
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RIAs Struggle to Integrate Insurance into Their Practices
In a February 12, 2024, Investment News article, insurance brokerage CEO Chad Druvenga, of CBS Brokerage, spoke about increasing need to integrate insurance into their advisor and client experience and the challenges presented by existing technology.
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Upcoming LIC Events
LIC HR Committee Meeting
Hosted by AFBA/5Star Life, Alexandria, VA, March 6-7, 2024
www.loma.org/LICHR
LIC Operations & Project Management Committee Webinar
March 13, 2024, 2-3:30 pm ET
Request Notification
LIC Annuity Committee Meeting
Hosted by Equisoft, Montreal, March 26-27, 2024
www.loma.org/LICANNUITY
LIC Technology Committee Conference Call
April 18, 2024, 2-3:30 pm ET
Request Notification
LIC ERM Committee Meeting
May 7-8, 2024
Request Notification
LIC Laws & Legislation Committee Conference Call
May 10, 2024, 2-3:30 pm ET
Request Notification
LIC Financial & Tax Accounting Committee Virtual Meeting
May 23, 2024, 2-4 pm ET
Request Notification
LIC Final Expense Workshop
Hosted by RGA, St. Louis
June 5-6, 2024
Request Notification
Insurance companies and fraternals are eligible for discounted bundle pricing: www.loma.org/LICSAVE
UPCOMING LIC EVENT REGISTRATION
LIC 2024 EVENT SCHEDULE
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LIC 2024 Premier Sponsors
Thank you to these LIC Premier Sponsors, who support all LIC events throughout the year.
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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
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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
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thinktum/illustrate
thinktum and illustrate inc (merged in 2023) provide powerful, cloud-based end-to-end solutions for life insurance carriers to energize, automate, simplify, and streamline the application process for virtually any life insurance product or distribution channel.
The no-code/low-code LIZ and OPUS platforms combine to provide a comprehensive, adaptable, and client-focused solution for life insurance carriers, with a particular emphasis on the needs of small to medium-sized carriers. The goal is to provide not just a technological solution but a partnership that understands the unique challenges and ambitions of each client. www.thinktum.com
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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
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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.
SET YOUR LICCONNECT NOTIFICATION PREFERENCES
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Feature Article (Full Text)
"A Very Good Year…"
By Dean Lambert, Executive Director, LIC
More than 100 life insurance leaders-and professionals from affiliated industries committed to serving LIC members-participated in the 2024 LIC Annual Conference held at the Westgate Hotel in San Diego. We're grateful for the amazing turnout and early feedback indicates we achieved our primary aim to spark the imagination of our attendees.
"Imagine" was the theme of this year's conference, chosen because imagination is required by leaders and employees alike in solving problems or achievements large or small. Whether you're goal is enterprise transformation or squeezing efficiency out of a critical process, working "inside an envelope" of experience limits possibilities. The theme is fitting as we work to evolve the LIC into a resource that leverages the sphere of shared excellence from which our members benefit, to creating a permeable sphere for transformational thought to consider.
I was able to squeeze in a brief address (unimaginably brief, if I do say so myself) during the LIC Annual Conference banquet. For those who could not attend the meeting, my theme was The Disruption Mindset:
Based on my experience as an arm's length observer and servant to the life insurance industry, it seems as though company leaders tend to think more about the industry and their companies being disrupted more than being a disruptor. That's not to say no one in this room is doing something transformational, innovative, or even disruptive.
But what prompted it? Was the genesis of the project or idea a possible regulatory change or a cybersecurity assessment, or a pandemic, perhaps? Or was it triggered by a eureka moment based on active marketing, policy owner or member analysis, or market research that made you say, "there's a new need or a new way to do something and we can get ahead of it!"
Anticipating compliance needs or shoring up profitability are excellent reasons to innovate, but they're reactionary. I hope today's meeting content forces the question, "Are we really innovating?"
Being truly innovative requires developing and promoting a culture of agility and curiosity while also investing in a transformational mindset involving a multidimensional market view including competitive intelligence, historical context and deep consumer insights and an external view of the marketplace that extends geopolitically.
"Business as usual" today requires "expecting – even creating – the unusual. I'll end with a quote from Mark Holweger, CEO of Legal & General America. "We need to be more obsessively curious about those we want to serve and find new ways to meet their needs."
Audrey Wittenburg and I are very excited about the future of the LIC, focused on increased member engagement and value. We hope this was evident in the theme, content and mix of people in attendance in San Diego. There are 23 meetings and events scheduled in 2024. I would encourage you to consider attending or participating even if your job description doesn't match up with the subject matter.
Marketing people could always benefit from what matters to annuity folks and HR people are increasingly using technology solutions to manage and provide better employee experiences. Our virtual meetings make it easy to gain cross-functional understanding of your organization, and our in-person events are designed to minimize your time away. Why not leverage all the LIC offers to provide experiential knowledge?
To summarize, "The more you go, the more you know!" For a full list of our 2024 meeting and event opportunities, please visit LIC Meetings.
Thank you for your ongoing support of the Life Insurers Council.
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