LBTC Announces New Co-Chairs

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We are excited to Announce that The Life Brokerage Technology Committee (LBTC) has elected 3 New Co-Chairs (See complete bios at end of post). The new leadership team brings a vast amount of industry experience to drive LBTC forward in working with its members in solving industry technology pain points and creating process improvement for Life Insurance services. The LBTC new co-chairs will also bring awareness of new innovations to the industry.

 

12345* Pat Wedeking, Vice President of Tellus Brokerage Connections

12345* Marjorie Ma, VP & Head of Product Management of AIG USA Life Insurance

12345* Brian Kirland, Senior Director Sales & Marketing of SuranceBay

 

 

The new co-chairs each represent respectively Distributors, Carriers and Vendors. They will serve a 2-year term. The new co-chairs are supported by the LBTC Steering Committee: Joann Mattson of Highland Capital Brokerage, Jeff Lingenfelter of John Hancock Insurance Company, and Ken Leibow of InsurTech Express. LBTC has 120+ industry members. Please see below on how to join LBTC.

 

The Life Brokerage Technology Committee (LBTC) is an independent working group whose purpose is to exchange information about technology related systems and services related to the marketing, sale, and servicing of insurance in independent distribution channels. Some of LBTC’s past initiatives focused on process improvement and solving technology pain points: Automated-Underwriting, eApp, eDelivery, eSignature, Commission Accounting, and Pending Case Status to name a few. LBTC conducts industry surveys, whitepapers, webinars, media and has a face-to-face meeting at the Annual NAILBA Conference in November. LBTC partners with other industry associations such as NAILBA, ACORD and LIDMA.

 

JOIN LBTC

There is no cost to becoming an LBTC Member. Each person who wants to participate in LBTC in your organization can join. Each person will need to fill out a membership form.  You can join LBTC by downloading the membership form and emailing it to Joann Mattson at jmattson@highland.com. Download LBTC Membership Form: https://lnkd.in/eHhHjfZ

Pat Professional 2012

Pat Wedeking

Pat Wedeking is an industry veteran whose focus has been on process improvement, direct marketing and brokerage business development. Coming from the hospitality business as a PGA apprentice, Pat entered the life insurance business through Northwestern Mutual’s training program.  After 10 years in personal production Pat entered the general agency business with a technology driven brokerage focusing on lead generation a lead relationship management (LRM) system.  This platform served as the foundation of Quick Life which was sold to Crump in 2016.

 

During the growth of the brokerage Pat was the founding President of the Life Insurance Direct Marketing Association known throughout the industry as LIDMA.  This organization focuses on industry technology that improves the process of obtaining insurance and helped usher in the ubiquitous use of electronic payments, signatures and delivery of policies.  Further process improvement initiatives focus on voice signature, data based underwriting and bringing data closer to the point of sale.  After service to LIDMA Pat was elected to the Life Happens board of directors and served as Chairman of that organization in 2017. Since joining Crump Pat has been in business development positions focusing on the use of their transaction center platform and, most recently, with Crump’s IMO division, Tellus Brokerage Connections.  Pat brings energy and a big picture mentality to his endeavors.  He has a wealth of knowledge and industry relationships that will help any organization he serves.

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Marjorie Ma

Marjorie Ma is the Vice President and Head of Product Management and Market Intelligence, AIG USA Life Insurance. She has over 8 years life insurance experience and is now responsible for Life Insurance Product Development and Management at AIG, including product strategy development and implementation, as well as day-to-day product management across AIG’s broad life product portfolio. She is also leading Market Intelligence Team to collect industry and competitor updates and to provide actionable intelligence to product, pricing, sales, marketing and operation teams.  Marjorie joined AIG in 2012 after obtaining her MBA degree from Rice University and has since worked in the Life Insurance Industry.

 

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Brian Kirland

Brian J. Kirland received his Economics degree from Saint Mary’s College of California in 1997. He began his career in the financial industry as a Portfolio Manager’s Assistant at NWQ Investment Management. From 1998 until 2014, Brian was a part of a growing technology firm, Xtiva Financial Systems, whose products focused on the Broker-Dealer and Securities industry for Sales compensation. Brian then joined LaserApp Software in 2014, deepening his insurance technology expertise. During his two years with LaserApp, Brian spent his time meeting agency principals and carrier partners helping establish a new business platform for the firm.

 

Brian joined SuranceBay as a National Account Executive in July of 2016 and currently serves as Senior Director of Sales & Marketing and a member of the executive management team. Brian works to increase sales within the distribution channels, carrier partners and vendor integrations for SuranceBay’s flagship product, SureLC™. Since 2009, SuranceBay has been an industry leader in providing innovative licensing and contracting software to independent brokers, agents, and carriers. The recent introduction of complementary tools such as DataLink, SureLC One, Background Screening, and AML training, makes SuranceBay’s SaaS platform a one-stop-shop for over 85% of the independent life insurance agents in the United States. SuranceBay incorporates the assets of more than 600 life insurance carriers with subscriptions from over 800 BGAs, optimizing the workflows of 425,000+ active producers nationwide, and processing over 50,000 monthly contract submissions.

 

Inundated by IoT: How Carriers Can Leverage a Trillion IoT Devices with Nationwide, CNA and Everest Re

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Define your IT innovation strategy or risk becoming irrelevant, according to insurance leaders. Almost daily, a new disruptive technology is developed with far-reaching effects on the industry.

 

There is no turning back. AI, Blockchain, Machine Learning and IoT become more commonplace every day. By 2025, according to current estimates, there will be more than 50 billion IOT devices; the number is expected to grow to one trillion by 2030.

 

Maintaining a competitive edge depends on a company’s ability to leverage new technologies with speed and flexibility. A panel of insurance industry executives will address ways to realize ROI from innovation during a not-to-be-missed webinar scheduled Wednesday, March 11, 2020.

 

Enroll here and gain actionable insights from John Almasan (AVP, Head of Actuarial Advanced Analytics, Nationwide), David He (VP, Artificial Intelligence, CNA), and Sandeep Bajaj (Chief Information Officer, Everest Re). An effective strategy, they all agree, is an essential component for continuing efficiency and profitability.

 

Discussion will focus on the following points:

  • Become an agile operation: Set an innovation mindset from the top down by rewarding collaboration, flexibility and individual ownership of change

 

  • Build an adaptable foundation: Banish legacy systems forever with a dynamic tech infrastructure capable of rapidly adopting new tech as they emerge

 

  • Spend wisely for maximum ROI: Prioritize Insurtech investments with your future needs front of mind to anchor your strategy to long-term objectives

 

Don’t miss out on this valuable information. Register here for this live March 11 webinar, from 9 to 10 a.m. CDT, and stay ahead of the curve in an increasingly tech-centered world.

 

This webinar is being run in association with the upcoming Insurance AI and Innovative Tech USA Summit 2020, an event by Insurance Nexus, a Reuters Events Company. Expecting more than 500 attendees from across the North American insurance ecosystem, the Insurance AI and Innovative Tech USA Summit brings senior innovation and business unit executives to uncover the rewards of embedding technologies such as AI, IoT, blockchain and automation to create valuable, relevant insurance products and services and seamless experiences through the power of tech-enhanced operations. For more information, please visit the website or get in touch with a member of the Insurance Nexus team.

 

Contact:

Ira Sopic

Global Project Director

Insurance Nexus

T: + 44 (0) 207 422 4363

T: +1 800 814 3459 ext 4363

E: ira.sopic@insurancenexus.com

 

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About Insurance Nexus

Situated between London’s Silicon Roundabout and the City, Insurance Nexus is at the innovative heart of an industry undergoing significant disruption and innovation. Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, the team provides the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

E-Signature Laws Provide Legal Framework For Blockchain

Brian Casey

By Brian Casey

 

Today, there is certainly much hype and hope for successful deployments of distributed ledger, or blockchain, technology especially in the cryptocurrency world. There also seems to be a general perception that there is not a clear, or even an existing legal framework for blockchain transactions, be they commercial or consumer in nature. While there are certainly specific laws that can apply to particular types of blockchain-based transactions, such as federal and state securities laws in the case of cryptocurrency initial coin offerings, many blockchainers may not realize that there is an existing legal framework that readily accommodates a broad base of blockchain transactions; these are state, and in a few cases, the federal, electronic signatures and records laws.

 

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These laws apply across many industries, including banking, structured finance, consumer finance, manufacturing and distribution of commercial and consumer goods, but, to make my points concrete, I am going to explain how to apply this framework to an insurance product given my insurance industry focus.

 

The federal electronic signature law, the Electronic Signatures in Global and National Commerce Act,[1] applies only in the three states that have not adopted the model state-based electronic signature law, known as the Uniform Electronic Transactions Act.[2] ESIGN provides for reverse preemption of itself and defers to UETA.[3] Therefore, UETA, which has been adopted in 47 states, is the primary law of the land, which establishes that electronic signatures, formation of electronic contracts, electronic delivery of documents required to be delivered in writing (irrespective of whether they require a signature) and satisfaction of written record retention requirements through electronic records cannot be denied legal effect on the basis of their electronic nature. Therefore, the focus of this article is on UETA and its relationship to blockchain transactions and distributed ledger technology used to create these transactions.

 

Many insurers have relied upon UETA to implement the use of electronic signatures for new insurance policy applications and to satisfy their obligation to deliver insurance policies in written form via electronically delivered insurance policies.

 

To understand why UETA applies to blockchain created transactions, it is important to recognize what types of transactions might be effectuated thereby and the key concepts in and rules established by UETA. Blockchain enabled transactions might include the electronic signature of electronically created contracts, the electronic delivery of documents, the automatic execution of a “smart contract’s” provisions that are triggered when agreed upon third party data, or oracles, enter the blockchain. Blockchains can also serve as the electronic repository for data and records entered into them. The drafters of UETA recognized the concept of a digital asset token in 1999, stating that “[t]he technology has yet to be developed which will allow for the possession of a unique electronic token embodying the rights associated with a negotiable promissory note. Section 16’s concept of control is intended as a substitute for possession.”[4]

 

UETA is intentionally designed to accommodate the advent of future technologies. To be sure, [UETA] has been drafted to permit flexible application consistent with its purpose to validate electronic transactions. [UETA’s] provisions… validating and effectuating the employ of electronic media allow the courts to apply them to new and unforeseen technologies and practices. As time progresses, it is anticipated that what is new and unforeseen today will be commonplace tomorrow. Accordingly, this legislation is intended to set a framework for the validation of media which may be developed in the future and which demonstrate the same qualities as the electronic media contemplated and validated under this Act.[5]

 

User Authentication

Identifying and authenticating electronic signatories is not a new issue or that difficult of a challenge or process. Many businesses using online means for obtaining and receiving electronically signed records from their customers already use customer authentication procedures, such as “shared-secrets” where by a new consumer is authenticated by answering online questions which evoke personal data that would most likely only be known by the consumer (sometimes this data is sourced directly from a consumer report provided by a consumer reporting agency); furthermore, for existing customers, many businesses, especially those in the financial services and insurance industries, customer authentication is a regular business function because of privacy and anti-money laundering compliance obligations. So, the point is that most businesses using e-signature technology already get the authentication issue, and applying that in the blockchain context should be relatively simply.

 

Electronic Signatures

UETA (and ESIGN) provide that electronic contracts and other signed records cannot be denied their legal effectiveness solely because they were created by e-signatures. Thus, to the extent a contract or other document is signed by a user through an (electronic) blockchain, UETA (and ESIGN) step in to support the legality of blockchain effected e-signatures.

 

This article was originally published on June 13, 2018 by Locke Lord as a Law360 article written by Brian Casey. Click the button below to View or Download the Complete Article:

4 Big Trends Shaping the Life Insurance and Annuities Industry in 2019 (and Beyond)

Digital Transformation

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The life insurance industry has been on the cusp of a revolution for a decade. In 2019, insurers are facing more pressure than ever to reinvent their businesses. With stagnant sales, increased regulations and competition, and ever-evolving customer expectations, maintaining a competitive edge requires the willingness to take advantage of the latest technology trends.

Here is where we see the biggest changes taking place—and the biggest possible points of advantage for industry leaders:

 

Customer Experience Is Critical

Insurance buyers have been marching in lockstep for years. The traditional insurance purchasing process is confusing, convoluted, difficult, and takes forever. Customers want an easier, less painful experience.

Just three years ago, LIMRA found 4 out of every 10 consumers felt intimidated by the life insurance application process. In 2018, 67% of respondents said an out-of-date website prevented them from doing business with an agent or advisor. The fact is, customer experience throughout the life insurance process has not kept up with the transformations taking place in the lives of customers as a whole.

This year, it’s all about the experience—the customer experience. Along with surface changes to the look and feel of customer interfaces, leading carriers and distributors are investing in making the entire process more simplified and efficient.

In a world where customers can apply for a mortgage on their phones and financial apps offer advice on real-time spending using geolocation, customers are looking for an Uber-like experience where they are the center of the sales process rather than the products.

Companies willing to go deeper and tackle the disparate and siloed business processes that are the underlying drivers of customer dissatisfaction will have a significant competitive edge going into the next decade. That includes innovations such as:

  • Consumer portals that walk buyers through a straightforward e-application and purchase process and empower them to make post-sale policy updates easily.
  • One-source-of-truth data that follows a customer throughout the sales lifecycle, speeding form completion and improving the quality of service an agent or advisor delivers.
  • Simple and consistent experiences from pre-sale needs analysis and illustrations through e-application, approval, and ongoing policy management—no matter what products are being purchased.

By Doug Massey, EVP, Sales and Relationship Management, Insurance Technologies