During a recent LIMRA/LOMA conference (Boomers, BlackBerrys and Beyond – Adapting to new socio-economic realities), a few comments were made that made me shake my head – they should be cause for concern!
There was an excellent panel discussion called “Necessity is the Mother of Re-Invention” and part of the discussion was around the lack of innovation and creativity in our industry. Some of the comments made were:
- Life insurance companies are doing well…are successful…and management are making their bonuses. As a result, management has become complacent.
- Complacency is the biggest barrier to innovation
- There has been lots of innovation in life insurance products but not in the value chain of acquiring, underwriting and servicing business.
Let’s not sugar-coat it…a lack of innovation and creativity = a lack of leadership
I would love to hear from current/former leaders on this one – scroll down and leave a comment!