LBTC Announces New Co-Chairs

LBTC_logo_color

 

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.

Marjorie Ma photo

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.

 

Brian Kirland 0411181615b

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.

 

The Big 3 (ACORD, DTCC, & IRI) Meet to Collaborate on Addressing the Challenges of the Industry

Big 3 2019-08-11

On the last week of July, 2019, insurance industry technology leaders and experts from the Depository Trust Corporation (DTCC), Insured Retirement Institute (IRI) and ACORD had a meeting in New York. For many years the three organizations (ACORD, DTCC and IRI) have worked on countless initiatives that either compliment or overlap their products and services. Representatives from all three organizations do participate in each other’s working groups and committees to sync up and contribute where possible, however this is the first time in recent years that that the three organizations exclusively have met to update each other on key activities and see where they can work together moving forward.

 

Some of the attendees included Jim Quinn- Chief Technology Officer of IRI;  and from DTCC’s Insurance & Retirement Services Division: Barbara Smith – Executive Director and Jeanann Smith, Senior Product Management. ACORD who hosted the meeting had several key people participate such as Malou August – Senior Vice President of Standards & Membership, Karen Mottley – Business Architect of the Life & Annuity Program, and Yolanda Austin who is ACORD’s leading Life & Annuity Consultant.

 

ACORD provided InsurTech Express a quote signed off from leaders of all three organizations, “ACORD, DTCC and IRI met to discuss key initiatives, and identify opportunities to collaborate. Some of the initiatives we discussed were Digital Standards, Distributed Ledger Technology, New Business, Replacement Automation, and Regulation 187 efforts. The initial focus is on annuities, and we also plan to engage industry leaders throughout the broader Life community. We are excited to come together to help guide industry priorities, promote increased standards adoption, and contribute to greater successes within our industry.”  The meeting didn’t only include updating on each organization’s vision and key initiatives, but they also wanted to address the challenges the industry is experiencing today. ACORD, DTCC and IRI realize there are several opportunities where they can better collaborate.

 

The good news is that the meeting was a success! There was progress on getting alignment on issues in today’s initiatives and addressing those for the future. ACORD, DTCC and IRI do have common goals like increasing adoption and promoting standard usage. Not only did they decide to collaborate on the key initiatives mentioned above (Digital Standards, Distributed Ledger Technology, New Business, Replacement Automation and Regulation 187), but it  was agreed upon to continue the conversation and meet again, which includes taking some substantive action like proposing to write a White Paper together for providing guidance in the industry.

 

On the sales and business side of insurance and retirement services, many people don’t realize that the engine behind the seamless automation for submitting new business, paying commissions, money settlement, Inforce services, producer licensing, advocacy and education are all driven or a result of the initiatives by ACORD, DTCC, and IRI. The Big 3 working together will help with speed to market, reducing costs, growing adoption, and driving more implementations making the industry a better place.

 

About ACORD:

ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD’s Mission: For nearly 50 years, ACORD has been a non-profit, industry-owned organization that enables the success of the global insurance industry by leveraging the flow of data and information across all insurance stakeholders through relevant and timely data standards.

 

About DTCC Insurance & Retirement Services:

DTCC’s Insurance & Retirement Services (I&RS) offers a suite of streamlined processing and compliance-driven solutions for carriers and their distribution partners — broker/dealers, banks, brokerage general agencies, independent broker/dealers and other firms — through a secure, centralized and automated infrastructure. This infrastructure enables insurance carriers and distributors to exchange information at various points throughout the annuity and life insurance processing cycle.

 

About the Insured Retirement Institute:

The Insured Retirement Institute (IRI) is the leading financial services trade association for the retirement income industry. Members represent the entire supply chain of insured retirement strategies, including Insurers, Banks, Asset Managers, Broker-Dealers, Distributors, Financial Advisors and Solution Providers. IRI provides a wealth of educational, research, advocacy, and ops & tech benefits to its members