The Life Brokerage Technology Committee (LBTC) held their annual face-to-face event this past November in Orlando at the NAILBA 34 conference and had their largest turnout ever! Over 70 industry leaders who are dedicated to transforming a highly manual business to a streamlined, efficient automated process came together in this one-day meeting.
The LBTC community is currently focused on addressing the challenges that prevent a seamless digital process. Working Groups and sub-committees met throughout the year in efforts to resolve barriers that prevent a completely automated operational process.
"The LBTC meeting at NAILBA was a huge success and would not have been possible without sponsors and committee participants like ACORD,” said Ken Leibow, Genworth’s Director of Operations. “Process improvement and exchanging information with trading partners using ACORD standards for life insurance independent distributors is the mission of the Life Brokerage Technology Committee. We are looking to ride the wave with our project initiatives into 2016.”
Participants at this year’s event received updates on eApp, eDeliver, Data Exchange, Mobile and Education Training. With emerging technologies at the forefront, ACORD, Celent, DTCC and Vertafore presented insights into the future state of the industry.
Sandy Hampel, Life & Annuity Implementation Director for ACORD, concluded the meeting by providing an update on current ACORD initiatives, including the ACORD 20/20 project.
“ACORD’s CEO Greg Maciag and our members recognize the importance of future thinking and the emerging role disruption will play in the industry,” said Hampel. “ACORD 20/20 was created to guide strategic planning through an Innovation division spearheaded by Bill Hartnett that will introduce new ways of thinking and doing business to the organization and the industry.”
If you have further questions on ACORD 20/20 or ACORD’s relationship with LBTC, contact Sandra Hampel at shampel@acord.org.