September 2008 News

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2008 eInsurance Symposium

DALLAS, TX - The 2008 eInsurance Symposium started with a bang Monday, September 15, 2008. Cocktail parties and Monday Night Football added to the air of excitement at the launch of another conference dedicated to the most creative and innovative minds in insurance. Nearly 400 people attended.

The real fireworks got going the next morning, though, when Joseph Plumeri, CEO of Willis, took the stage. His speech, entitled "Meeting the Future Today: Insurance Industry Megatrends" spoke to the adversity in the industry. His message was one of service in an industry so driven by price.

"If you win by price, you'll lose by price" Plumeri stated emphatically in his energetic, stage-stalking manner. Give your customers value, and take advantage of the "Value Gap" that allows you to defeat those companies that deal only on price, while neglecting the customer and their needs.

The focus of the symposium was set by Richard Kerr, Founder and CEO of MarketScout. Mr. Kerr outlined MarketScout's goal in hosting the symposium by noting it is the industries' only gathering wich focuses on bringing together the industries' innovators to share new ideas about insurance underwriting and distribution.

Kim Garland, President of Open Seas Insurance, a Safeco Company, spoke on "Innovating in a Traditional Industry" and how companies need to take a look at how their companies view innovation, and if they are properly structured to take advantage of innovation. Listing 10 Pitfalls to innovation, Garland laid out the roadmap that Safeco Insurance followed when they created Open Seas Insurance, an independent think tank that has already produced the hit TeenSurance.

Mario Vitale, Deputy CEO of Zurich Global Corporate, spoke on "Change, Creativity, and Automation" as the secrets to success in insurance, continuing a theme that it doesn't always have to be price that gets you the sale. Vitale showed how knowing the changing marketplace, adapting to new technologies, and being aware of the risk of the marketplace, environment and even society itself, can allow a company to be successful even in a downward turning economy.

The afternoon of the first day of the Symposium was highlighted by breakout sessions led by innovation leaders. Leah Woolford, the first lady of insurance internet marketing, shared her expertise with agents in a one-hour session. Richard Zolty, Sr. Vice President of AIG Specialty Workers Compensation, shared AIGs innovations utilizing electronic technology that would speed the distribution and underwriting of insurance. Kathryn Emmerson, CEO of Insurance Noodle, shared the success story of her SEMCI operations and the impact it has had on the insurance industry.

John Kraska, Managing Director of Hales & Company spoke about how innovation in an agency can impact the valuation of their business, while Frank Sentner moderated a panel of insurance technologists on the possibilities of an insurance exchange modeled on the New York Stock Exchange.

Larry Johnson, CIO of UPAC Premium Finance, discussed innovations in the financing area of insurance while Jose Rivera and Ben Field, of American Family and MotionPoint respectively, discussed the technology on the internet that allows sites to reach a multi-lingual audience with greater ease than ever before.

The morning of the second day saw Joe Clabby, Western President of ACE USA, discuss the evolution of ACE and how innovation throughout the development of the company allowed ACE to grow rapidly and with strength. Clabby also touched on how ACE had managed to keep from being affected by current sub-prime mortgage meltdown, by not betting heavily on CDO investments.

Bill Hartnett, US Insurance Industry Solutions Director for Microsoft, shared Microsoft's vision for interacting with the insurance industry. Through the use of rich internet applications and easy-to-program development language, Hartnett showed a prototype example that allowed an agency, broker or carrier to utilize online applications in place of their current software in a more dynamic and efficient manner.

Alex Letts, CEO of RI3K, capped the Symposium with a fascinating look at the development of the first successful reinsurance exchange. Letts shared his personal journey to found RI3K and the pitfalls and breakthrough the company encountered and accomplished. It was a perfect ending to a conference dedicated to entrepreneurial spirit, creative drive, and most importantly, courage.