BOSTON
-- Insurance executives, agents, distributors and everyone else in the industry
are all bicycling hard in the face of change trends, said Dave Levenson,
president and CEO of LIMRA.
The
biking analogy was part of Levenson's first annual message to member companies
at the LIMRA 2019 Annual Conference.
"You
are working so hard. You are sweating and pedaling hard, but the bike isn't
moving," Levenson said.
Insurance companies in
decline.
Disturbing trends says
Dave Levenson of @LIMRA
Finally,
states are infringing on retirement planning. Several states are passing
legislation to start state-run retirement plans or auto-enrollment capabilities
for companies. It adds up to less influence and business for financial
services.
State infiltration of
retirement plans is growing
In his
first year at the helm of LIMRA, LOMA and the Secure Retirement Institute,
Levenson brings an executive perspective to the position. He came to the
association world from Edward Jones, where he was a principal and responsible
for all products distributed through its network of 17,000 advisors in the U.S.
and Canada.
With
that recent experience in mind, Levenson told the room that he wants LIMRA to
focus on real-world solutions with a "member-centric" focus.
"There
are other things that we are going to be paying a lot closer attention to as
your industry," said Levenson, pointing to change management and customer
satisfaction as examples.
Those
two things topped a new LIMRA global survey of life insurance executives. The
focus is the right one, Levenson said, as changing demographics necessitate an
accompanying change on the part of insurers.
"Are
we building products and designing marketing programs based on where are
customers are -- or where they will be?" Levenson asked.
There
are more than 100 million single adults in the United States, he added. The
days of becoming an adult and immediately getting married and having kids is in
the past.
"The
demographic of our country is changing rapidly," Levenson said. "The
minority will be the majority."
LIMRA will
partner with member companies and undertake research and craft programs off
that research -- all with specific, defined goals in mind, Levenson said in his
closing.
He
cited LIMRA's new FraudShare program as an example. The association partnered
with insurers to develop a program to prevent cyberattacks.
"We
are in an awesome industry. We do things that nobody else is capable of doing.
We do good for our customers," Levenson said. "We've got a ways to go
to reach our full potential."
InsuranceNewsNet
Senior Editor John Hilton has covered business and other beats in more than 20
years of daily journalism. John may be reached at john.hilton@innfeedback.com.
Follow him on Twitter @INNJohnH.
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