Attend the 2014 Life Insurance Conference to network with your peers
and leading industry experts as we gather to re-examine and rethink
strategies for sustainable growth.
Conference partners LIMRA, LOMA, the SOA and the ACLI are
committed to providing attendees with the very best in research
and knowledge to drive new growth opportunities for the industry.
This premier conference draws from a broad audience of professionals
and offers you leading-edge industry insights.
How will distribution change in the new world of the connected
customer? What’s the best approach to successfully segment the middle
market? How will your company use social media to serve the customer?
What strategies can be implemented to reach the underinsured?
Find answers to these questions and gain insight into the very latest
in industry news. The 2014 Life Insurance Conference will cover
the important issues and identify strategies that will shape the
industry’s future.
Join us in April in Chicago and see what we have in store for you!
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eneral
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eSSion
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igHligHtS
Disrupt: Sparking Business
Transformation With Innovation
Luke Williams
Professor of Marketing and Executive Director
The Berkley Center for Innovation
& Entrepreneurship
New York University’s Stern School of Business
Successful companies operating in mature industries
that try to differentiate themselves by focusing on
incremental innovation instead of game-changing,
disruptive innovation will differentiate themselves
right out of business. Companies need to be
consistently making bold moves, even at the very
peak of their success. Start-ups and small-scale
enterprises excel at this, but it’s an approach that can
be learned and applied just as effectively by large
organizations and industry incumbents. Attend this
presentation to learn how to transform your business.
Life Insurance: Always at Our Core
John Schlifske
Chairman, President and Chief Executive
Officer
Northwestern Mutual
Markets change, people change,
and companies change. But even in the face of
disruption, the need for life insurance remains the
same. Join John Schlifske as he discusses how the
industry can recalibrate to ensure that one of the
oldest financial security products remains vital in
the new reality.
The Gen Savvy Insurer — Connecting in
a New Age of Uncertainty
Cam Marston
President
Generational Insights
For decades, financial services have
focused on demographic groups that
are now moving into and past retirement. These
groups approached investment and financial services
through the traditional and customary advisor-client
relationships that have defined the industry for some
time. Now, new generations, who have different
economic and cultural experiences from their parents
and grandparents, are moving into age ranges that
make them the prime markets for life insurance and
other financial services. Learn how to connect with
these newer generations to develop long-lasting,
profitable relationships.
TALK Show
ComedySportz of Chicago, Inc.
Through a presentation that is part improv
performance and part interactive workshop,
attendees will learn the importance and value of
owning one’s own communication and employing
active listening skills and techniques for precision
in their communication.
Program Overview
M
onday, a
pril7
Registration — 11:00 a.m. to 6:30 p.m.
Meet and Greet with Exhibitors — 2:00 to 2:45 p.m.
Concurrent Sessions — 2:45 to 3:45 p.m.
Refreshment Break — 3:45 to 4:00 p.m.
Concurrent Sessions — 4:00 to 5:00 p.m.
Welcome Reception With Exhibitors —
5:30 to 6:30 p.m.
T
uesday, a
pril8
Registration — 7:00 a.m. to 5:00 p.m.
Continental Breakfast — 7:00 to 8:00 a.m.
General Session — 8:00 to 9:15 a.m.
Disrupt: Sparking Business Transformation
With Innovation
Luke Williams
Professor of Marketing and Executive Director
The Berkley Center for Innovation
& Entrepreneurship
New York University’s Stern School of Business
Refreshment Break With Exhibitors —
9:15 to 9:45 a.m.
Concurrent Sessions — 9:45 to 10:45 a.m.
Refreshment Break — 10:45 to 11:00 a.m.
Concurrent Sessions — 11:00 a.m. to 12:00 noon
Luncheon With Exhibitors — 12:00 noon to 1:15 p.m.
Concurrent Sessions — 1:15 to 2:15 p.m.
Refreshment Break — 2:15 to 2:30 p.m.
Concurrent Sessions — 2:30 to 3:30 p.m.
Refreshment Break With Exhibitors — 3:30 to 4:00 p.m.
General Session — 4:00 to 5:00 p.m.
TALK Show
ComedySportz of Chicago, Inc.
W
ednesday, a
pril9
Continental Breakfast — 7:15 to 8:15 a.m.
Concurrent Sessions — 8:15 to 9:15 a.m.
Refreshment Break and Raffle With Exhibitors —
9:15 to 9:45 a.m.
General Session — 9:45 to 11:30 a.m.
The Gen Savvy Insurer — Connecting in
a New Age of Uncertainty
Cam Marston
President
Generational Insights
Life Insurance: Always at Our Core
John Schlifske
Chairman, President and Chief Executive Officer
Northwestern Mutual
Distribution
of
Concurrent
Sessions
1.1
Life Insurance Policyholders: Enemies or Customers?
u u 1.2 PBR: Coming Soon T o a State Near Y ou u u 1.3
What Consumers (Don't) Know About Life Insurance
u
2.1
Universal Life Deconstructed
u
2.2
Actuaries in Non-T
raditional Administration Roles
u u u 2.3
Life Captives: The Latest.
u
u
u
2.4
Winning in the New W
orld of the Connected Customer
u
3.1
Life Insurance for the Middle Market: An Actionable Understanding
u
3.2
Straight-Through Processing — More Than Just a T
weak to Y our Operations u u 3.3
Actuarial Modeling 3.0 — The Four-Hour W
ork W eek u u u 3.4
Social Collaboration: Leveraging Inter
nal Online Communities
u u 4.1 Unclaimed Proper ty u u 4.2
Introduction to Reinsurance: Lose Y
our Fear of the Dark Side
u
u
u
4.3
In Search of the Ideal Shopping Experience: What Life Insurance Shoppers and Buyers W
ant Companies to Know
u
u
4.4
High Face Amount Mor
tality
u
u
u
5.1
Succeeding in a Fluctuating Interest Rate Environment
u 5.2 Reinsurance 201: Inter mediate Reinsurance u u u 5.3
Life Insurance: Bought Not Sold?
u
5.4
Life Insurance and Combo Products — An Oppor
tunity to Recalibrate
u
u
6.1
Product Innovation — From Idea to Impact
u
u
6.2
Big Data, New Directions
u
u
u
6.3
The Legal Landscape of Same-Sex Marriage: The Impact on Life Insurers
u 6.4 Simplified Issue u u u 7.1 New T echnology Update u u 7.2 An Industr y Insider's V
iew on Channel Expansion
u
7.3
Professionalism in the Ever
yday Life of An Actuar
y
u
Monday 2:45 to 3:45 p.m. Monday 4:00 to 5:00 p.m. Tuesday 9:45 to
10:45 a.m. Tuesday 11:00 a.m. to 12:00 noon Tuesday 1:15 to 2:15 p.m. Tuesday 2:30 to 3:30 p.m. Wednesday 8:15 to 9:15 a.m.
Distribution/ Administration Marketing and Actuarial/ Session # Session Title Markets Under writing Product Dev . Regulator y Reinsurance Technology
Life Insurance Conference Concurrent Sessions
M
onday, a
pril7
2:45 to 3:45 p.m.
1.1 Life Insurance Policyholders:
Enemies or Customers?
Learn the reasons life insurance companies haven’t developed customer reward and benefit programs similar to the very successful programs operated by airlines and other companies. Then hear about two ways for life insurers to become more customer-centric. Marshall Field’s advice from over a century ago “the customer is always right” remains more important than ever.
Gregory Bruner, Senior Vice President, Michael
Edwards Direct, Inc.; Jay M. Jaffe, FSA, MAAA, President, Actuarial Enterprises, Ltd.; Michael R. Mals,
CLU, Executive Sales Consultant, Assurant Specialty
Property
1.2 PBR: Coming Soon To a State Near You
The states have started adopting the new Standard Valuation Law, and it appears that Principle-Based Reserves will be implemented within the next few years. This session is designed to let you know what you need to know to be ready when PBR goes “Live.”
John Bruins, FSA, MAAA, Vice President, Senior Actuary, ACLI; Dale Hall, FSA, MAAA, CERA,
Managing Director of Research, Society of Actuaries; Karen Rudolph, FSA, MAAA, Principal and Consulting Actuary, Milliman, Inc.; Moderator:
Paul S. Graham, FSA, MAAA, Senior Vice President,
Insurance Regulation and Chief Actuary, ACLI
1.3 What Consumers (Don’t) Know About
Life Insurance
Life insurance is a basic component of any financial protection strategy. If you have dependents, chances are you need life insurance. But LIMRA research shows life insurance ownership is at record lows. LIMRA and the LIFE Foundation have been tracking U.S. consumer opinions about life insurance in the annual Barometer study. Be the first to hear the latest results, including consumer awareness and understanding of life insurance, their preferences and priorities. To round out the session, an experienced insurance agent will share her strategies for addressing gaps in consumer knowledge.
Sandra Cavoto, CSD, CSP, President and CEO, Sandra
Cavoto Insurance Agency, Inc.; Todd A. Silverhart,
Ph.D., Corporate Vice President and Director, Insurance
Research, LIMRA
4:00 to 5:00 p.m.
2.1 Universal Life Deconstructed
What’s going on in the world of UL? What’s happening to the lifetime secondary guarantee UL market? And are indexed products overtaking traditional fixed products? This session will cover trends in the UL marketplace with emphasis on the no-lapse secondary guarantee UL products and indexed UL products.
Joseph A. Kenny, FSA, MAAA, Product Performance Director, Mutual of Omaha; Robert Stone, FSA, MAAA, Consulting Actuary, Milliman, Inc.
2.2 Actuaries in Non-Traditional Administration
Roles
Are you taking full advantage of the inherent business acumen of your actuarial department? Have you asked your actuary for anything beyond traditional numbers answers recently? You may be overlooking one of your most valuable resources. Actuaries are Chief Information Security Officers, CEOs, Vice Presidents of Marketing, etc. Our panel of actuaries has job descriptions outside of the number crunch.
Jenna Fariss, ASA, MAAA, Chief Information Security
Officer, Actuarial Management Resources, Inc.; Additional Presenter TBA
2.3 Life Captives: The Latest.
Senior executives active in working with life captives will discuss recent developments in the use of captives by life insurers to help finance reserves, including an update on the latest regulatory developments.
Eric R. Fenichel, Partner, Sutherland Asbill and Brennan LLP;
Steven I. Schreiber, FSA, MAAA, Principal and Consulting
Actuary, Milliman, Inc.; Moderator: Steven Clayburn, FSA,
MAAA, Senior Director and Actuary, ACLI
2.4 Winning in the New World of the Connected
Customer
Mobile technology has accelerated the adoption of online shopping, changing the way consumers interact with businesses and turning the world of capturing consumers upside down. Learn how the disruptive forces are
changing the way consumers shop for insurance and what some companies are doing to reshape their distribution systems. Discover strategies that could provide an edge in a hyper competitive industry.
James Quade, Assistant Vice President and Managing
Life Insurance Conference Concurrent Sessions
T
uesday, a
pril8
9:45 to 10:45 a.m.
3.1 Life Insurance for the Middle Market:
An Actionable Understanding
Is your company well positioned to meet the life insurance needs of the middle market? In this session, results from a joint Epsilon/LIMRA research study conducted to provide a sophisticated, actionable segmentation of the middle market will be released. Attendees will gain an understanding of meaningful sub-groups and will gain insights concerning how to target the most profitable and responsive prospects with the highest propensity to buy.
Dave Edington, Senior Vice President, General
Manager, Insurance Marketing Solutions, Epsilon;
Todd A. Silverhart, Ph.D., Corporate Vice President
and Director, Insurance Research, LIMRA
3.2 Straight-Through Processing — More Than
Just a Tweak to Your Operations
This session will feature an overview and details of what may be achieved through the digitalization of new business processing and the implementation of straight-through processing including the digital delivery of life insurance policies. This overview combined with insight from an insurance company representative on their successful implementation of a digital solution will help attendees in this session learn that successful implementation of STP is more than just a tweak to the system.
Steven Callahan, CMC, ChFC, CLU, FFSI, FLHC, FLMI/M, Practice Director, The Robert E. Nolan Company;
Deepak Shenoy, ALMI, PMP, Shared Services Director,
AXA Equitable
3.3 Actuarial Modeling 3.0 — The Four-Hour
Work Week
Mainframe. Then the PC. Now what? Solvency II, IFRS, PBA, ERM and other initiatives are stressing existing actuarial modeling environments. Yet some companies are reducing actuarial workload by 90 percent even while addressing these additional requirements. The upcoming change is more than evolution, it’s a new paradigm — Actuarial Modeling 3.0. Learn what it is, and why you should care.
Van Beach, FSA, MAAA, MG-ALFA Product Manager,
Milliman, Inc.; Timothy Pauza, ASA, MAAA, Senior Manager, Ernst & Young
3.4 Social Collaboration: Leveraging Internal Online
Communities
Where are you in your social collaboration journey? Have you discovered the “secret” mix of people, processes and technology? Join a panel discussion led by members of Northwestern Mutual’s collaboration team sharing ideas on connecting people to people and people to content. We’ll cover topics such as establishing an enterprise model as well as what works and doesn’t in the world of social collaboration and community management. An open discussion will follow the presentation.
Amii LaPointe, Intranet Manager and Senior Communications
Consultant, Northwestern Mutual; Jane Rewolinski, Instructional Designer and Online Community Manager, Northwestern Mutual; Kara Whittow, FLMI, Collaboration Program Consultant, Northwestern Mutual
11:00 a.m. to 12:00 noon
4.1 Unclaimed Property
Fourteen global settlements with state treasury authorities; ten multi-state insurance regulatory settlements; one half dozen new state laws...and yet they are only the beginning of the unclaimed property story. Experts will discuss the many subplots of the unfolding story as the NAIC tiptoes into public policy leadership, court adjudications threaten the likelihood of future settlements, more states act legislatively and uniform law commissioners take the field to modernize state unclaimed property model law.
Scott M. Kosnoff, Esq., Partner, Faegre, Baker, Daniels, LLP;
Additional Presenter TBD
4.2 Introduction to Reinsurance: Lose Your Fear of
the Dark Side
If you work in insurance, reinsurance affects much of what you do and some of how you do it. Can you afford not to understand the basics of something so beneficial and commonplace, yet largely behind the scenes? This crash course will cover various kinds of reinsurance arrangements, reinsurance treaty language, and key reinsurance regulations. Don’t miss out!
Life Insurance Conference Concurrent Sessions
4.3 In Search of the Ideal Shopping Experience:
What Life Insurance Shoppers and Buyers
Want Companies to Know
It is not their parents’ life insurance shopping
experience. Today’s consumers have more options for seeking information about life insurance and more ways to purchase it. How have recent life insurance shoppers and buyers researched and purchased and how do their actual experiences differ from their ideal experiences? This session looks at qualitative and quantitative research to understand the channels they prefer and the experiences they want through each channel. The information presented will provide companies with information to help them create the desired experiences needed to better meet the expectations of Gen X and Gen Y consumers.
Eric Sondergeld, ASA, CFA, MAAA, Corporate Vice
President and Director, Distribution and Technology Research, LIMRA
4.4 High Face Amount Mortality
The SOA published in 2012 a report on mortality at the higher face amounts ($1,000,000+). A team of specialists in mortality will highlight the issues and share their insights on the issues. The format will be a fun Q&A format that will include audience
participation. Come ready to share your insights in this lively discussion, or sit back and enjoy!
Thomas P. Edwalds, FSA, MAAA, ACAS, Assistant Vice
President, Mortality Research, Munich American Reassurance Co.; Jean-Marc Fix, FSA, MAAA, Vice President, Research and Development, Optimum Re;
Allen Klein, FSA, MAAA, Consulting Actuary, Milliman,
Inc.; Brad Roudebush, FSA, MAAA, Director, Standards Development, Northwestern Mutual
1:15 to 2:15 p.m.
5.1 Succeeding in a Fluctuating Interest Rate
Environment
The interest rate environment continues to create challenges for companies to be successful with product development and sales initiatives. Are your company’s products structured to prevail, or do they need to be recalibrated? The presenters will share their insight into what actions that may be taken to facilitate increasing sales and market share, while recognizing changes in interest rates and the economy.
Timothy Pfeifer, FSA, MAAA, President, Pfeifer Advisory,
LLC; David W. Simbro, FSA, CLTC, Senior Vice President of Life and Annuity Products, Northwestern Mutual
5.2 Reinsurance 201: Intermediate Reinsurance
Take your reinsurance knowledge to the next level with this session focusing on real-life ways to make
reinsurance work for you and your company. Topics include detailed aspects of facultative reinsurance, the basics of using reinsurance to manage capital, and current issues in the news such as captives. Emphasis is on learning, and ad hoc topics of interest are welcome.
Jeffrey Katz, FSA, MAAA, Senior Vice President, Swiss Re
5.3 Life Insurance: Bought Not Sold?
Closing the life insurance protection gap is a complex puzzle. As an industry, we are spinning our wheels around the traditional approaches to increasing sales: lower price, reduce underwriting, add a new product feature. But adjusting these factors hasn’t reduced the population of underinsured. What new ways can we approach the market by leveraging data, research and technology to get consumers excited about life insurance?
Neil Sprackling, President – Life & Health U.S., Swiss Re
Life & Health America, Inc.
5.4 Life Insurance and Combo Products —
An Opportunity to Recalibrate
Combining life insurance with other products creates an opportunity to offer added security and protection to policyholders while enhancing a carrier’s block of business. This session will provide an overview of trends in life combo products including long-term care and critical illness insurance. Attendees in this session will gain a better understanding of the opportunities to recalibrate their business through the use of combo products.
Stephen F. Rowley, Vice President, Senior Account
Executive, Gen Re — A Berkshire Hathaway Company;
Darrell Spell, FSA, MAAA, FLMI, Principal and Consulting
Actuary, Milliman, Inc.
2:30 to 3:30 p.m.
6.1 Product Innovation — From Idea to Impact
Consider a word association test: Insurance...Innovative? That’s probably not the first word that comes to mind. Historically, the insurance industry hasn’t been known for being on the cutting edge. That may be changing. Come to this session to learn what it takes to develop a culture of innovation in your company and hear real-life examples of what one company did to incorporate innovation in the product development process.
Jason Alleyne, FSA, FCIA, FRM, Insurance Executive;
John Coyle, Senior Vice President, Culture of Innovation,
Maddock Douglas; Si Xie, FSA, FCIA, CERA, Director, Equitable Life of Canada
Life Insurance Conference Concurrent Sessions
6.2 Big Data, New Directions
Big data is a big topic, with uses spanning everything from database mining for customer segmentation to the use of predictive analytics to identify groups that are more likely to buy or customers that will have the best rates of retention. Hear about one of LIMRA’s recent initiatives in the big data arena and hear how one carrier is using big data to “recalibrate.”
Hamilton M. Faris, Vice President, Data Management
and Business Analytics, MetLife; Marianne Purushotham,
FSA, MAAA, Corporate Vice President, LIMRA
6.3 The Legal Landscape of Same-Sex Marriage:
The Impact on Life Insurers
On July 26, 2013, the Supreme Court issued its decision in U.S. v. Windsor, which declared a section of the Defense of Marriage Act (DOMA) to be unconstitutional. The result is that the Federal government must recognize valid same-sex marriages for Federal purposes. This session will describe the current rules, including guidance issued and guidance still needed from IRS, Treasury, and Department of Labor, and reactions from state insurance regulators. It will focus primarily on the impact on qualified and nonqualified annuities and qualified retirement plans.
Mandana Parsazad, Vice President, Taxes & Retirement
Security, ACLI; Shannon Salinas, Counsel, Taxes & Retirement Security, ACLI
6.4 Simplified Issue
Simplified Issue (SI) insurance is a hot topic for insurers! The industry has struggled to reach the middle market in a cost-efficient manner, while still maintaining acceptable mortality results. This session will demonstrate how automation and electronic data can help you achieve your goals of issuing business cheaper, better and faster. Listen to industry experts present mortality findings and successful case studies of how to best utilize SI underwriting engine.
Eric Carlson, FSA, MAAA, Life Actuary, Milliman, Inc.;
Duane Morrow, Executive Vice President, Marketing,
and CMO, Primerica Life Insurance Company
W
ednesday, a
pril9
8:15 to 9:15 a.m.
7.1 New Technology Update
This session will review new technology in areas that all insurers face: Social Media, Mobile Devices/Applications, Underwriting Automation, Analytics, Cloud, Digital, Big Data and more…. An industry expert will explore ideas for assessing the potential value of these technology opportunities within your organization, and provide insight into the thought process of the industry.
Craig Weber, CEO, Celent Communications
7.2 An Industry Insider’s View on Channel Expansion
As the industry strives to better understand changing consumer preferences, it must also understand the impact these changes are having on distribution. In this
informative session, Pat Leary will explore the emerging trends in distribution from the latest LIMRA research and share his thoughts on what companies must do to partner and support distribution expansion for success in today’s changing environment.
Patrick T. Leary, LLIF, Assistant Vice President, Distribution
Research, LIMRA
7.3 Professionalism in the Everyday Life of
An Actuary
Professionalism issues that may be encountered in the everyday life of an actuary will be highlighted using brief case studies. Members of the audience will be actively solicited for their comments, observations and insights. Participants will also gain an awareness of the multitude of resources available to the actuary as they navigate professionalism issues.
Jeffrey S. Drake, FSA, MAAA, CLU, Vice President,
Individual Product Development, OneAmerica Companies;
James Miles, FSA, MAAA, Consulting Staff Fellow, Society
Thank You to Our Sponsors and Exhibitors
Sponsor and Exhibitor opportunities are available.
Conference Details and General Information
TO REGISTER
Register by March 12 and Save!
By March 12:
LIMRA, LOMA, SOA and ACLI, members: $1,095 Nonmembers: $1,595
After March 12:
LIMRA, LOMA, SOA and ACLI members: $1,195 Nonmembers: $1,695 Register online: www.limra.com/conferences www.loma.org/events www.soa.org www.acli.com
Meeting Attire: The dress code for this conference is business casual.
GROUP DISCOUNT
If five (5) or more individual employees from the same member company register for this meeting, each individual registrant may take advantage of a group registration discount of $100 per person. This discount applies only to people registering at the full conference rate. See the online registration form for complete qualifications and details.
BONUS OPPORTUNITY
The Retirement Industry Conference will be held at the Chicago Marriott Downtown Magnificent Mile April 9–11, 2014. Save $250 off your Life Insurance Conference registration fee when you attend both events.
HOTEL INFORMATION
Chicago Marriott Downtown Magnificent Mile
540 North Michigan Avenue Chicago, IL 60611
Reservations Phone: 1-877-303-0104 Please make your reservation using the link on the conference web page or by calling the reservations phone number at 1-877-303-0104 and mentioning the Life Insurance Conference by March 12 to obtain the group rate of $239 single/ double. Reservations made after March 12 will be at the prevailing rate and based on space availability. You can modify or cancel your reservations until 3 days prior to arrival.
About the Associations
CONTINUING EDUCATION INFORMATION
For information on SOA CPD Credit and Continuing Education Credit — U.S. Qualification Standards please visit the Life Insurance Conference pages at the SOA website: www.soa.org
The conference partners, in conjunction with the Society of Financial Service Professionals, are pleased to inform you that attendance at any of the sessions will qualify interested individuals for PACE credits.
Over 850 financial services companies in more than 70 countries around the world turn to LIMRA first to help build their businesses and improve their performance. These members rely on our 90 years of industry experience, along with our rich resources in Research, Consulting, Assessment,
Development, and Compliance and Regulatory Services to help chart a clear course for growth.
Mary-Jo Adams (860) 285-7798 [email protected] www.limra.com
LOMA is committed to a business partnership with its worldwide members in the insurance and financial services industry to improve their
management and operations through quality employee development, research, information sharing, and related products and services. Founded in 1924, the association’s membership roster boasts more than 1,200 member companies in nearly 80 countries.
James R. Huffman, FLMI, ACS (770) 984-6446
[email protected] www.loma.org
The SOA, through research and education, advances actuarial knowledge and improves decision making to benefit society. We enhance the ability of actuaries to be trusted financial and business advisors on problems involving uncertain future events. We provide and ensure the integrity and relevance of our credentials.
Jay Semla (847)706-3624 [email protected] www.soa.org
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI advocates in federal, state and international forums. Its members represent more than 90 percent of the assets and premiums of the U.S. life insurance and annuity industry. In addition to life insurance, annuities and other workplace and individual retirement plans, ACLI members offer long-term care and disability income insurance, and reinsurance. Its public website can be accessed at www.acli.com.
Linda Cunningham (202) 624-2405
[email protected] www.acli.com
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