Stop Tweaking! Start Recalibrating!

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2 Stop Tweaking! Start Recalibrating! Attend the 2014 Life Insurance Conference to network with your peers and leading industry experts as we gather to re-examine and rethink strategies for sustainable growth. Conference partners LIMRA, LOMA, the SOA and the ACLI are committed to providing attendees with the very best in research and knowledge to drive new growth opportunities for the industry. This premier conference draws from a broad audience of professionals and offers you leading-edge industry insights. How will distribution change in the new world of the connected customer? What s the best approach to successfully segment the middle market? How will your company use social media to serve the customer? What strategies can be implemented to reach the underinsured? Find answers to these questions and gain insight into the very latest in industry news. The 2014 Life Insurance Conference will cover the important issues and identify strategies that will shape the industry s future. Join us in April in Chicago and see what we have in store for you! 2 The 2014 Life Insurance Conference

3 General Session Highlights Disrupt: Sparking Business Transformation With Innovation Luke Williams Professor of Marketing and Executive Director The Berkley Center for Innovation & Entrepreneurship New York University s Stern School of Business Successful companies operating in mature industries that try to differentiate themselves by focusing on incremental innovation instead of game-changing, disruptive innovation will differentiate themselves right out of business. Companies need to be consistently making bold moves, even at the very peak of their success. Start-ups and small-scale enterprises excel at this, but it s an approach that can be learned and applied just as effectively by large organizations and industry incumbents. Attend this presentation to learn how to transform your business. The Gen Savvy Insurer Connecting in a New Age of Uncertainty Cam Marston President Generational Insights For decades, financial services have focused on demographic groups that are now moving into and past retirement. These groups approached investment and financial services through the traditional and customary advisor-client relationships that have defined the industry for some time. Now, new generations, who have different economic and cultural experiences from their parents and grandparents, are moving into age ranges that make them the prime markets for life insurance and other financial services. Learn how to connect with these newer generations to develop long-lasting, profitable relationships. Life Insurance: Always at Our Core John Schlifske Chairman, President and Chief Executive Officer Northwestern Mutual Markets change, people change, and companies change. But even in the face of disruption, the need for life insurance remains the same. Join John Schlifske as he discusses how the industry can recalibrate to ensure that one of the oldest financial security products remains vital in the new reality. TALK Show ComedySportz of Chicago, Inc. Through a presentation that is part improv performance and part interactive workshop, attendees will learn the importance and value of owning one s own communication and employing active listening skills and techniques for precision in their communication. The 2014 Life Insurance Conference 3

4 Program Overview Monday, April 7 Registration 11:00 a.m. to 6:30 p.m. Meet and Greet with Exhibitors 2:00 to 2:45 p.m. Concurrent Sessions 2:45 to 3:45 p.m. Refreshment Break 3:45 to 4:00 p.m. Concurrent Sessions 4:00 to 5:00 p.m. Welcome Reception With Exhibitors 5:30 to 6:30 p.m. Tuesday, April 8 Registration 7:00 a.m. to 5:00 p.m. Continental Breakfast 7:00 to 8:00 a.m. General Session 8:00 to 9:15 a.m. Disrupt: Sparking Business Transformation With Innovation Luke Williams Professor of Marketing and Executive Director The Berkley Center for Innovation & Entrepreneurship New York University s Stern School of Business Refreshment Break With Exhibitors 9:15 to 9:45 a.m. Concurrent Sessions 9:45 to 10:45 a.m. Refreshment Break 10:45 to 11:00 a.m. Concurrent Sessions 1:15 to 2:15 p.m. Refreshment Break 2:15 to 2:30 p.m. Concurrent Sessions 2:30 to 3:30 p.m. Refreshment Break With Exhibitors 3:30 to 4:00 p.m. General Session 4:00 to 5:00 p.m. TALK Show ComedySportz of Chicago, Inc. Wednesday, April 9 Continental Breakfast 7:15 to 8:15 a.m. Concurrent Sessions 8:15 to 9:15 a.m. Refreshment Break and Raffle With Exhibitors 9:15 to 9:45 a.m. General Session 9:45 to 11:30 a.m. The Gen Savvy Insurer Connecting in a New Age of Uncertainty Cam Marston President Generational Insights Life Insurance: Always at Our Core John Schlifske Chairman, President and Chief Executive Officer Northwestern Mutual Conference Adjourns 11:30 a.m. Concurrent Sessions 11:00 a.m. to 12:00 noon Luncheon With Exhibitors 12:00 noon to 1:15 p.m. 4 The 2014 Life Insurance Conference

5 Monday 2:45 to 3:45 p.m. Monday 4:00 to 5:00 p.m. Tuesday 9:45 to 10:45 a.m. Tuesday 11:00 a.m. to 12:00 noon Tuesday 1:15 to 2:15 p.m. Tuesday 2:30 to 3:30 p.m. Wednesday 8:15 to 9:15 a.m. Distribution of Concurrent Sessions Distribution/ Administration Marketing and Actuarial/ Session # Session Title Markets Underwriting Product Dev. Regulatory Reinsurance Technology 1.1 Life Insurance Policyholders: Enemies or Customers? u u 1.2 PBR: Coming Soon To a State Near You u u 1.3 What Consumers (Don't) Know About Life Insurance u 2.1 Universal Life Deconstructed u 2.2 Actuaries in Non-Traditional Administration Roles u u u 2.3 Life Captives: The Latest. u u u 2.4 Winning in the New World of the Connected Customer u 3.1 Life Insurance for the Middle Market: An Actionable Understanding u 3.2 Straight-Through Processing More Than Just a Tweak to Your Operations u u 3.3 Actuarial Modeling 3.0 The Four-Hour Work Week u u u 3.4 Social Collaboration: Leveraging Internal Online Communities u u 4.1 Unclaimed Property u u 4.2 Introduction to Reinsurance: Lose Your Fear of the Dark Side u u u 4.3 In Search of the Ideal Shopping Experience: What Life Insurance Shoppers and Buyers Want Companies to Know u u 4.4 High Face Amount Mortality u u u 5.1 Succeeding in a Fluctuating Interest Rate Environment u 5.2 Reinsurance 201: Intermediate Reinsurance u u u 5.3 Life Insurance: Bought Not Sold? u 5.4 Life Insurance and Combo Products An Opportunity to Recalibrate u u 6.1 Product Innovation From Idea to Impact u u 6.2 Big Data, New Directions u u u 6.3 The Legal Landscape of Same-Sex Marriage: The Impact on Life Insurers u 6.4 Simplified Issue u u u 7.1 New Technology Update u u 7.2 An Industry Insider's View on Channel Expansion u 7.3 Professionalism in the Everyday Life of An Actuary u The 2014 Life Insurance Conference 5

6 Life Insurance Conference Concurrent Sessions Monday, April 7 2:45 to 3:45 p.m. 1.1 Life Insurance Policyholders: Enemies or Customers? Learn the reasons life insurance companies haven t developed customer reward and benefit programs similar to the very successful programs operated by airlines and other companies. Then hear about two ways for life insurers to become more customercentric. Marshall Field s advice from over a century ago the customer is always right remains more important than ever. Gregory Bruner, Senior Vice President, Michael Edwards Direct, Inc.; Jay M. Jaffe, FSA, MAAA, President, Actuarial Enterprises, Ltd.; Michael R. Mals, CLU, Executive Sales Consultant, Assurant Specialty Property 1.2 PBR: Coming Soon To a State Near You The states have started adopting the new Standard Valuation Law, and it appears that Principle-Based Reserves will be implemented within the next few years. This session is designed to let you know what you need to know to be ready when PBR goes Live. John Bruins, FSA, MAAA, Vice President, Senior Actuary, ACLI; Dale Hall, FSA, MAAA, CERA, Managing Director of Research, Society of Actuaries; Karen Rudolph, FSA, MAAA, Principal and Consulting Actuary, Milliman, Inc.; Moderator: Paul S. Graham, FSA, MAAA, Senior Vice President, Insurance Regulation and Chief Actuary, ACLI 1.3 What Consumers (Don t) Know About Life Insurance Life insurance is a basic component of any financial protection strategy. If you have dependents, chances are you need life insurance. But LIMRA research shows life insurance ownership is at record lows. LIMRA and the LIFE Foundation have been tracking U.S. consumer opinions about life insurance in the annual Barometer study. Be the first to hear the latest results, including consumer awareness and understanding of life insurance, their preferences and priorities. To round out the session, an experienced insurance agent will share her strategies for addressing gaps in consumer knowledge. Sandra Cavoto, CSD, CSP, President and CEO, Sandra Cavoto Insurance Agency, Inc.; Todd A. Silverhart, Ph.D., Corporate Vice President and Director, Insurance Research, LIMRA 4:00 to 5:00 p.m. 2.1 Universal Life Deconstructed What s going on in the world of UL? What s happening to the lifetime secondary guarantee UL market? And are indexed products overtaking traditional fixed products? This session will cover trends in the UL marketplace with emphasis on the no-lapse secondary guarantee UL products and indexed UL products. Joseph A. Kenny, FSA, MAAA, Product Performance Director, Mutual of Omaha; Robert Stone, FSA, MAAA, Consulting Actuary, Milliman, Inc. 2.2 Actuaries in Non-Traditional Administration Roles Are you taking full advantage of the inherent business acumen of your actuarial department? Have you asked your actuary for anything beyond traditional numbers answers recently? You may be overlooking one of your most valuable resources. Actuaries are Chief Information Security Officers, CEOs, Vice Presidents of Marketing, etc. Our panel of actuaries has job descriptions outside of the number crunch. Jenna Fariss, ASA, MAAA, Chief Information Security Officer, Actuarial Management Resources, Inc.; Additional Presenter TBA 2.3 Life Captives: The Latest. Senior executives active in working with life captives will discuss recent developments in the use of captives by life insurers to help finance reserves, including an update on the latest regulatory developments. Eric R. Fenichel, Partner, Sutherland Asbill and Brennan LLP; Steven I. Schreiber, FSA, MAAA, Principal and Consulting Actuary, Milliman, Inc.; Moderator: Steven Clayburn, FSA, MAAA, Senior Director and Actuary, ACLI 2.4 Winning in the New World of the Connected Customer Mobile technology has accelerated the adoption of online shopping, changing the way consumers interact with businesses and turning the world of capturing consumers upside down. Learn how the disruptive forces are changing the way consumers shop for insurance and what some companies are doing to reshape their distribution systems. Discover strategies that could provide an edge in a hyper competitive industry. James Quade, Assistant Vice President and Managing Director, Strategic Partnerships, Liberty Mutual Insurance 6 The 2014 Life Insurance Conference

7 Life Insurance Conference Concurrent Sessions Tuesday, April 8 9:45 to 10:45 a.m. 3.1 Life Insurance for the Middle Market: An Actionable Understanding Is your company well positioned to meet the life insurance needs of the middle market? In this session, results from a joint Epsilon/LIMRA research study conducted to provide a sophisticated, actionable segmentation of the middle market will be released. Attendees will gain an understanding of meaningful sub-groups and will gain insights concerning how to target the most profitable and responsive prospects with the highest propensity to buy. Dave Edington, Senior Vice President, General Manager, Insurance Marketing Solutions, Epsilon; Todd A. Silverhart, Ph.D., Corporate Vice President and Director, Insurance Research, LIMRA 3.2 Straight-Through Processing More Than Just a Tweak to Your Operations This session will feature an overview and details of what may be achieved through the digitalization of new business processing and the implementation of straight-through processing including the digital delivery of life insurance policies. This overview combined with insight from an insurance company representative on their successful implementation of a digital solution will help attendees in this session learn that successful implementation of STP is more than just a tweak to the system. Steven Callahan, CMC, ChFC, CLU, FFSI, FLHC, FLMI/M, Practice Director, The Robert E. Nolan Company; Deepak Shenoy, ALMI, PMP, Shared Services Director, AXA Equitable 3.3 Actuarial Modeling 3.0 The Four-Hour Work Week Mainframe. Then the PC. Now what? Solvency II, IFRS, PBA, ERM and other initiatives are stressing existing actuarial modeling environments. Yet some companies are reducing actuarial workload by 90 percent even while addressing these additional requirements. The upcoming change is more than evolution, it s a new paradigm Actuarial Modeling 3.0. Learn what it is, and why you should care. Van Beach, FSA, MAAA, MG-ALFA Product Manager, Milliman, Inc.; Timothy Pauza, ASA, MAAA, Senior Manager, Ernst & Young 3.4 Social Collaboration: Leveraging Internal Online Communities Where are you in your social collaboration journey? Have you discovered the secret mix of people, processes and technology? Join a panel discussion led by members of Northwestern Mutual s collaboration team sharing ideas on connecting people to people and people to content. We ll cover topics such as establishing an enterprise model as well as what works and doesn t in the world of social collaboration and community management. An open discussion will follow the presentation. Amii LaPointe, Intranet Manager and Senior Communications Consultant, Northwestern Mutual; Jane Rewolinski, Instructional Designer and Online Community Manager, Northwestern Mutual; Kara Whittow, FLMI, Collaboration Program Consultant, Northwestern Mutual 11:00 a.m. to 12:00 noon 4.1 Unclaimed Property Fourteen global settlements with state treasury authorities; ten multi-state insurance regulatory settlements; one half dozen new state laws...and yet they are only the beginning of the unclaimed property story. Experts will discuss the many subplots of the unfolding story as the NAIC tiptoes into public policy leadership, court adjudications threaten the likelihood of future settlements, more states act legislatively and uniform law commissioners take the field to modernize state unclaimed property model law. Scott M. Kosnoff, Esq., Partner, Faegre, Baker, Daniels, LLP; Additional Presenter TBD 4.2 Introduction to Reinsurance: Lose Your Fear of the Dark Side If you work in insurance, reinsurance affects much of what you do and some of how you do it. Can you afford not to understand the basics of something so beneficial and commonplace, yet largely behind the scenes? This crash course will cover various kinds of reinsurance arrangements, reinsurance treaty language, and key reinsurance regulations. Don t miss out! Jeffrey Katz, FSA, MAAA, Senior Vice President, Swiss Re The 2014 Life Insurance Conference 7

8 Life Insurance Conference Concurrent Sessions 4.3 In Search of the Ideal Shopping Experience: What Life Insurance Shoppers and Buyers Want Companies to Know It is not their parents life insurance shopping experience. Today s consumers have more options for seeking information about life insurance and more ways to purchase it. How have recent life insurance shoppers and buyers researched and purchased and how do their actual experiences differ from their ideal experiences? This session looks at qualitative and quantitative research to understand the channels they prefer and the experiences they want through each channel. The information presented will provide companies with information to help them create the desired experiences needed to better meet the expectations of Gen X and Gen Y consumers. Eric Sondergeld, ASA, CFA, MAAA, Corporate Vice President and Director, Distribution and Technology Research, LIMRA 4.4 High Face Amount Mortality The SOA published in 2012 a report on mortality at the higher face amounts ($1,000,000+). A team of specialists in mortality will highlight the issues and share their insights on the issues. The format will be a fun Q&A format that will include audience participation. Come ready to share your insights in this lively discussion, or sit back and enjoy! Thomas P. Edwalds, FSA, MAAA, ACAS, Assistant Vice President, Mortality Research, Munich American Reassurance Co.; Jean-Marc Fix, FSA, MAAA, Vice President, Research and Development, Optimum Re; Allen Klein, FSA, MAAA, Consulting Actuary, Milliman, Inc.; Brad Roudebush, FSA, MAAA, Director, Standards Development, Northwestern Mutual 1:15 to 2:15 p.m. 5.1 Succeeding in a Fluctuating Interest Rate Environment The interest rate environment continues to create challenges for companies to be successful with product development and sales initiatives. Are your company s products structured to prevail, or do they need to be recalibrated? The presenters will share their insight into what actions that may be taken to facilitate increasing sales and market share, while recognizing changes in interest rates and the economy. Timothy Pfeifer, FSA, MAAA, President, Pfeifer Advisory, LLC; David W. Simbro, FSA, CLTC, Senior Vice President of Life and Annuity Products, Northwestern Mutual 5.2 Reinsurance 201: Intermediate Reinsurance Take your reinsurance knowledge to the next level with this session focusing on real-life ways to make reinsurance work for you and your company. Topics include detailed aspects of facultative reinsurance, the basics of using reinsurance to manage capital, and current issues in the news such as captives. Emphasis is on learning, and ad hoc topics of interest are welcome. Jeffrey Katz, FSA, MAAA, Senior Vice President, Swiss Re 5.3 Life Insurance: Bought Not Sold? Closing the life insurance protection gap is a complex puzzle. As an industry, we are spinning our wheels around the traditional approaches to increasing sales: lower price, reduce underwriting, add a new product feature. But adjusting these factors hasn t reduced the population of underinsured. What new ways can we approach the market by leveraging data, research and technology to get consumers excited about life insurance? Neil Sprackling, President Life & Health U.S., Swiss Re Life & Health America, Inc. 5.4 Life Insurance and Combo Products An Opportunity to Recalibrate Combining life insurance with other products creates an opportunity to offer added security and protection to policyholders while enhancing a carrier s block of business. This session will provide an overview of trends in life combo products including long-term care and critical illness insurance. Attendees in this session will gain a better understanding of the opportunities to recalibrate their business through the use of combo products. Stephen F. Rowley, Vice President, Senior Account Executive, Gen Re A Berkshire Hathaway Company; Darrell Spell, FSA, MAAA, FLMI, Principal and Consulting Actuary, Milliman, Inc. 2:30 to 3:30 p.m. 6.1 Product Innovation From Idea to Impact Consider a word association test: Insurance...Innovative? That s probably not the first word that comes to mind. Historically, the insurance industry hasn t been known for being on the cutting edge. That may be changing. Come to this session to learn what it takes to develop a culture of innovation in your company and hear real-life examples of what one company did to incorporate innovation in the product development process. Jason Alleyne, FSA, FCIA, FRM, Insurance Executive; John Coyle, Senior Vice President, Culture of Innovation, Maddock Douglas; Si Xie, FSA, FCIA, CERA, Director, Equitable Life of Canada 8 The 2014 Life Insurance Conference

9 Life Insurance Conference Concurrent Sessions 6.2 Big Data, New Directions Big data is a big topic, with uses spanning everything from database mining for customer segmentation to the use of predictive analytics to identify groups that are more likely to buy or customers that will have the best rates of retention. Hear about one of LIMRA s recent initiatives in the big data arena and hear how one carrier is using big data to recalibrate. Hamilton M. Faris, Vice President, Data Management and Business Analytics, MetLife; Marianne Purushotham, FSA, MAAA, Corporate Vice President, LIMRA 6.3 The Legal Landscape of Same-Sex Marriage: The Impact on Life Insurers On July 26, 2013, the Supreme Court issued its decision in U.S. v. Windsor, which declared a section of the Defense of Marriage Act (DOMA) to be unconstitutional. The result is that the Federal government must recognize valid same-sex marriages for Federal purposes. This session will describe the current rules, including guidance issued and guidance still needed from IRS, Treasury, and Department of Labor, and reactions from state insurance regulators. It will focus primarily on the impact on qualified and nonqualified annuities and qualified retirement plans. Mandana Parsazad, Vice President, Taxes & Retirement Security, ACLI; Shannon Salinas, Counsel, Taxes & Retirement Security, ACLI 6.4 Simplified Issue Simplified Issue (SI) insurance is a hot topic for insurers! The industry has struggled to reach the middle market in a cost-efficient manner, while still maintaining acceptable mortality results. This session will demonstrate how automation and electronic data can help you achieve your goals of issuing business cheaper, better and faster. Listen to industry experts present mortality findings and successful case studies of how to best utilize SI underwriting engine. Eric Carlson, FSA, MAAA, Life Actuary, Milliman, Inc.; Duane Morrow, Executive Vice President, Marketing, and CMO, Primerica Life Insurance Company Wednesday, April 9 8:15 to 9:15 a.m. 7.1 New Technology Update This session will review new technology in areas that all insurers face: Social Media, Mobile Devices/Applications, Underwriting Automation, Analytics, Cloud, Digital, Big Data and more. An industry expert will explore ideas for assessing the potential value of these technology opportunities within your organization, and provide insight into the thought process of the industry. Craig Weber, CEO, Celent Communications 7.2 An Industry Insider s View on Channel Expansion As the industry strives to better understand changing consumer preferences, it must also understand the impact these changes are having on distribution. In this informative session, Pat Leary will explore the emerging trends in distribution from the latest LIMRA research and share his thoughts on what companies must do to partner and support distribution expansion for success in today s changing environment. Patrick T. Leary, LLIF, Assistant Vice President, Distribution Research, LIMRA 7.3 Professionalism in the Everyday Life of An Actuary Professionalism issues that may be encountered in the everyday life of an actuary will be highlighted using brief case studies. Members of the audience will be actively solicited for their comments, observations and insights. Participants will also gain an awareness of the multitude of resources available to the actuary as they navigate professionalism issues. Jeffrey S. Drake, FSA, MAAA, CLU, Vice President, Individual Product Development, OneAmerica Companies; James Miles, FSA, MAAA, Consulting Staff Fellow, Society of Actuaries The 2014 Life Insurance Conference 9

10 Thank You to Our Sponsors and Exhibitors Sponsor and Exhibitor opportunities are available. Contact Barbara Kimball The 2014 Life Insurance Conference

11 Conference Details and General Information To Register Register by March 12 and Save! By March 12: LIMRA, LOMA, SOA and ACLI, members: $1,095 Nonmembers: $1,595 After March 12: LIMRA, LOMA, SOA and ACLI members: $1,195 Nonmembers: $1,695 Register online: Meeting Attire: The dress code for this conference is business casual. Group Discount If five (5) or more individual employees from the same member company register for this meeting, each individual registrant may take advantage of a group registration discount of $100 per person. This discount applies only to people registering at the full conference rate. See the online registration form for complete qualifications and details. Bonus Opportunity The Retirement Industry Conference will be held at the Chicago Marriott Downtown Magnificent Mile April 9 11, Save $250 off your Life Insurance Conference registration fee when you attend both events. Hotel Information Chicago Marriott Downtown Magnificent Mile 540 North Michigan Avenue Chicago, IL Reservations Phone: Please make your reservation using the link on the conference web page or by calling the reservations phone number at and mentioning the Life Insurance Conference by March 12 to obtain the group rate of $239 single/ double. Reservations made after March 12 will be at the prevailing rate and based on space availability. You can modify or cancel your reservations until 3 days prior to arrival. About the Associations Over 850 financial services companies in more than 70 countries around the world turn to LIMRA first to help build their businesses and improve their performance. These members rely on our 90 years of industry experience, along with our rich resources in Research, Consulting, Assessment, Development, and Compliance and Regulatory Services to help chart a clear course for growth. Mary-Jo Adams (860) [email protected] LOMA is committed to a business partnership with its worldwide members in the insurance and financial services industry to improve their management and operations through quality employee development, research, information sharing, and related products and services. Founded in 1924, the association s membership roster boasts more than 1,200 member companies in nearly 80 countries. James R. Huffman, FLMI, ACS (770) [email protected] Continuing Education Information The SOA, through research and education, advances actuarial knowledge and improves decision making to benefit society. We enhance the ability of actuaries to be trusted financial and business advisors on problems involving uncertain future events. We provide and ensure the integrity and relevance of our credentials. Jay Semla (847) [email protected] The American Council of Life Insurers (ACLI) is a Washington, D.C.- based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI advocates in federal, state and international forums. Its members represent more than 90 percent of the assets and premiums of the U.S. life insurance and annuity industry. In addition to life insurance, annuities and other workplace and individual retirement plans, ACLI members offer long-term care and disability income insurance, and reinsurance. Its public website can be accessed at Linda Cunningham (202) [email protected] For information on SOA CPD Credit and Continuing Education Credit U.S. Qualification Standards please visit the Life Insurance Conference pages at the SOA website: The conference partners, in conjunction with the Society of Financial Service Professionals, are pleased to inform you that attendance at any of the sessions will qualify interested individuals for PACE credits. The 2014 Life Insurance Conference 11

12 ( MQ2) Visit our event page to find the latest conference updates.