G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G MONDAY June 3, 2013 Spend less time configuring your system, more time growing your business. Visit booth #601 Policy Admin • Underwriting • Reinsurance • Claims • Billing • Agent/Consumer Portals • & Much More! | www.iscs.com The SurePower Innovation ® Policy Administration Suite IASA President Ziemann: This Is Your Conference Association Leader Urges Attendees to Take Advantage of Event’s Many Opportunities W elcome to Washington, D.C., and the 2013 IASA Educational Conference and Business Show. This has been a year of applying our theme, knowledge. innovation@work, to prepare a show for you to increase your knowledge, help you to use and trigger innovation, and facilitate your making it all work together. Let’s get started! Looking out over the Potomac River from the Gaylord National you see some of the icons that represent foundational markers for our country and can only be found in D.C. From this, one of the most powerful cities in the world, we bring you a conference and show that is equal to no other in the industry in size, variety and complexity. We have more than 200 exhibi- tors who will share their potential solutions for your business challenges. Take advantage of the Vendor Connect Tours Monday morning after the keynote presentation. Using the hour provided, you will be introduced to and able to experience the products and services that will fit your particular needs and interests. It’s the right people with the exact knowledge to help you innovate in your business. We made the best industry solution providers available in one space and we invite you to explore their offerings, while earning continuing education credits. Speaking of education, we have again assembled over 80 technical sessions that present informa- tion on a broad spectrum of financial, technological, and career skills topics. While networking with your industry colleagues, you will be exposed to advanced solutions, current changes of business direction, intriguing case studies, and some fun as well. Our keynote speakers thread the meaning of this year’s theme together. For years Walter Isaacson has been studying dynamic people who share their vision and knowledge with the world. His most recent offering is the biography Steve Jobs. Isaacson has the ability to give voice to historical and business icons and promises on Monday to share with us how their imparted knowledge has changed the world. Peter Diamandis, as the Chairman and CEO of the X PRIZE Founda- tion, drives world-leading efforts in designing and launching large incentive prizes to encourage radical breakthroughs to benefit humanity. On Tuesday morning he will not only touch on the numerous innovations he has helped inspire, he will share, how by providing the right incen- tives, the most diverse teams come together to solve what appears to be the insurmountable challenges he sets forth. Our Wednesday speaker is Dr. Jackie Freiberg, a best-selling author and leadership expert whose goal is to help motivate leaders to rebel against mediocrity, take charge of their own success at work, and make a difference in their own little corner of the globe. How? By doing whatever-it-takes to Notice, Lead, and Disrupt to create pockets of innovation. She will show what @work innovation requires of us. For senior insurance company executives, the IASA Executive Roundtable programs are presented exclusively to meet your needs. These programs provide timely content, an interactive format, and an exceptional peer networking opportunity. continued on page 3Inside Individual events are designed and tailored to address the knowledge requirements of chief financial officers, chief investment officers, chief information/technology officers, chief operation officers and chief executive officers. Time is provided for industry colleague interaction to hear about solutions that will help bring innovation to your companies’ work environments. And for fun @work, you are invited to attend the biggest Louise Ziemann Highlights of the Day 3 Schedule at a Glance 3 Keen Observations on Innovation 4 C Suite Crossfire 6 IASA Plays Matchmaker 8 Tour of the Tech Future 10 Get ORSA-Ready 12 Tweet Your Way To An iPad Mini 14 Inside the Numbers 16 Images from Opening Day 18
Transcript
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
MONDAY June 3, 2013
Spend less time configuring your system,more time growing your business.Visit booth #601
The SurePower Innovation® Policy Administration Suite
IASA President Ziemann: This Is Your ConferenceAssociation Leader Urges Attendees to Take Advantage of Event’s Many Opportunities
W elcome to Washington, D.C., and the 2013 IASA Educational Conference and
Business Show. This has been a year of applying our theme, knowledge.innovation@work, to prepare a show for you to increase your knowledge, help you to use and trigger innovation, and facilitate your making it all work together. Let’s get started!
Looking out over the Potomac River from the Gaylord National you see some of the icons that represent foundational markers for our country and can only be found in D.C. From this, one of the most powerful cities in the world, we bring you a conference and show that is equal to no other in the industry in size, variety and complexity.
We have more than 200 exhibi-tors who will share their potential solutions for your business challenges. Take advantage of the Vendor Connect Tours Monday morning after the keynote presentation. Using the hour provided, you will be introduced to and able to experience the products and services that will fit your particular needs and interests. It’s the right
people with the exact knowledge to help you innovate in your business. We made the best industry solution providers available in one space and we invite you to explore their offerings, while earning continuing
education credits.
Speaking of education, we have again assembled over 80 technical sessions that present informa-tion on a broad spectrum of financial, technological, and career skills topics. While networking with your industry colleagues, you will be exposed to advanced solutions, current changes of
business direction, intriguing case studies, and some fun as well.
Our keynote speakers thread the meaning of this year’s theme together.
For years Walter Isaacson has been studying dynamic people who share their vision and knowledge with the world. His most recent offering is the biography Steve Jobs. Isaacson has the ability to give voice to historical and business icons and promises on Monday to share with us how their
imparted knowledge has changed the world.
Peter Diamandis, as the Chairman and CEO of the X PRIZE Founda-tion, drives world-leading efforts in designing and launching large incentive prizes to encourage radical breakthroughs to benefit humanity. On Tuesday morning he will not only touch on the numerous innovations he has helped inspire, he will share, how by providing the right incen-tives, the most diverse teams come together to solve what appears to be the insurmountable challenges he sets forth.
Our Wednesday speaker is Dr. Jackie Freiberg, a best-selling author and leadership expert whose goal is to help motivate leaders to rebel against mediocrity, take charge of their own success at work, and make a difference in their own little corner of the globe. How? By doing whatever-it-takes to Notice, Lead, and Disrupt to create pockets of innovation. She will show what @work innovation requires of us.
For senior insurance company executives, the IASA Executive Roundtable programs are presented exclusively to meet your needs. These programs provide timely content, an interactive format, and an exceptional peer networking opportunity.
continued on page 3
Inside
Individual events are designed and tailored to address the knowledge requirements of chief financial officers, chief investment officers, chief information/technology officers, chief operation officers and chief executive officers. Time is provided for industry colleague interaction to hear about solutions that will help bring innovation to your companies’ work environments.
And for fun @work, you are invited to attend the biggest
Louise ZiemannHighlights of the Day . . . . . . . . . . . . . . . 3
1. Conference App – Maximize your time at IASA 2013. Download the conference app and create your own schedule, complete technical session evaluations, send messages to your fellow attendees, and check out local things to see and places to see. To download: www.tripbuilder.com/iasa2013.
2. Twitter Contest – Tweet your way to an iPad Mini! BNY Mellon is sponsoring a Twitter Contest during IASA. Simply send a tweet with and include hashtag IASA2013 and you will be entered to win. Check out the contest details at www.iasa.org/Twitter2013.
3. Conference Buzz – During the year, IASA conducts and Industry Pulse monthly poll on current issues and topics in the industry. Be part of the “Buzz” here in Washington, answer the Conference version of the Industry Pulse, the Conference Buzz, you can find the question daily in the schedule section of the Conference App or visit the IASA booth. It’s quick, easy and fun!
4. Tuesday Night NetworkingEvent! Remember to exchange thevoucher you received with your badge credentials for an event ticket for the Tuesday Night Networking Event. All vouchers must be returned by 3:00 pm today. The Ticket Exchange is located in the Potomac Foyer.
Once you receive your ticket, exchange the drink coupons for tokens at the four sponsors’ booths in the exhibit hall. You must bring your ticket with you for admission into the Tuesday Night Networking Event.
5. Best in Show – What’s your favorite booth? Cast your vote for Best in Show in the Conference App. Look for the Best in Show button on the app and vote by 3:00 pm today. Winners to be announced at breakfast tomorrow.
6. Exhibit Hall Game – Play “Words with Exhibitors” and win! We have tons of great prizes provided by our exhibitors, check out all of the prizes in the IASA Booth and play to win!
7. VCT – If you are signed up for a Vendor Connect Tour the departure area is in the Exhibit Hall near the registration desk. The first set of tours will depart at 9:50 am so please go directly to the Departure Area if you have signed up for an 800 series tour. You don’t have to be signed up to join, feel free to come by and join a tour. The 900 series tour will depart at 11:00 am.
7:00 am - 5:00 pm General Registration – Prince George’s Exhibition Hall7:30 am - 9:30 am Breakfast / Keynote Address: Walter Isaacson9:30 am - 3:30 pm Exhibit Hall Open Prince George’s Exhibition Hall9:30 am - 1:15 pm Dedicated Hours – Lunch with Exhibitors 12:00 pm – 1:15 pm9:50 am - 10:50 am Vendor Connect Tours & 11:00 am - 12:00 pm (VCT)– Departure area is located
in the IASA registration area in the exhibit hall. After the close of the Monday General Session, follow the signs to the departure area.
1:30 pm - 3:00 pm Technology Super Session Managing Technology Futures; Keynote by Thornton May Potomac Ballroom
3:00 pm - 3:30 pm Refreshment Break Prince George’s Exhibition Hall
3:30 pm - 5:00 pm Technical SessionsTechnology & CSD Technical SessionsChesapeake and National Harbor Meeting Rooms
3:30 pm - 5:00 pm Accounting, Risk Management and Finance (A.R.F.) Super Session – ERM: Are We Looking Through the Rearview Mirror or the Windshield, Presented by Mary Peter and Linda Conrad - Potomac Ballroom
continued from page 1
networking dance party around. Join us Tuesday night when we are featuring Josh Turner, a double-platinum-selling singer and songwriter. Josh will share his traditional country music style and treat us with his trademark baritone voice singing many of his hits. Some of those include “Long Black Train,” “Would You Go With Me,” and No. 1 hits “Why Don’t We Just Dance” and “All Over.” We will hear everything from lively barnburners to smooth love ballads. It will be a fun night of entertainment that will provide great memories.
In an effort to help you stay connected both at the conference and always, you can follow IASA on Twitter @IASAInc/#IASA2013, or friend us at www.facebook.come/IASAAnnualConference, or join the IASA Group on Linkedin (www.linkedin.com). Better yet, use all three innovative ways to stay connected.
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
SCHEDULE | At a GlanceMonday, June 3, 2013
And specifically for the conference, we have partnered with Instec to provide an even better conference app that can be downloaded to your smartphone or iPad. This application will give you the schedule of events and lists and locations of our exhibitors. You will also be able to create your own customized conference program to keep you on schedule for your selected sessions. Use www.tripbulder.com/iasa2013apps or the QR code above to get started.
This is your conference. Take every opportunity to connect with your industry associates and service providers attending with you. It is a time to add to your knowledge base by availing yourself of all that is offered and interacting with the other attendees. Remember, innovation comes from unexpected places and situations by creating new connections to people and ideas. Where better than in Washington, D.C., and the IASA 2013 Annual Conference to open yourself to creative concepts and opportunities? We then encourage you to take that knowledge back with you and put it @work?
Enjoy your conference!
HIGHLIGHTS OF THE DAY
To find IASA on Facebook:www.facebook.com/IASA AnnualConference
This Is Your Conference
To find IASA on Twitter:@IASAINC #IASA, #PulsePoll, #IASA2013
To join the IASA LinkedIn group, either:• Click the Group logo found on the profile of one of your first-degree connections to join the group yourself.• Search the LinkedIn groups directory for IASA, then click on the logo to join. Requests to join will be sent to the group manager for approval.
PAGE 4 | Monday, June 3, 2013 IASA DAILY NEWS
We know innovation when we see it. But where does it come from? According
to acclaimed author Walter Isaacson, who has studied some of the world’s foremost thinkers, innovation emerges at the intersection of knowledge and creativity.
Isaacson, author of the only authorized biography of Apple Computer’s Steve Jobs and himself a world-renowned business mind as former head of Time Magazine and CNN, is currently chairman and CEO of the Aspen Institute, a nonprofit educational and policy studies organization.
During his IASA Conference keynote address at Monday morning’s opening general session, Isaacson plans to share stories and insights about Jobs, Albert Einstein, Benjamin Franklin, Henry Kissinger and others he has written about who “have
made that mental leap from having a foundation of knowledge to truly being imaginative.“
Along the way, he hopes to inspire attendees by showing them how they can become a valuable thinker, not just someone with a lot of facts, and add real value to their enterprises. He also plans to provide some serious tips on how to apply imagination and think out of the box.
The Nolan Company is sponsoring Isaacson’s keynote address, along with a drawing for copies of his book, Steve Jobs. Books are available for sale at the IASA booth in the Exhibit Hall imme-diately following the general session, where Isaacson will be available to sign books.
“When you look at Steve Jobs — other people created computers, but he was able to make sure they were beautiful. He even cared about the parts you can’t see,” Isaacson observed in a preconference interview. For example, when Apple was about to deliver the first Macintosh computer, he delayed shipment until the circuit board inside matched the aesthetics of the outside. Jobs’ “Zen Buddhist training, his trips to gardens in Japan and his love of calligraphy all caused him to realize that beauty matters, both innate beauty and environmental beauty.”
Jobs, according to Isaacson, applied his imagination to create deceptively simple, elegant, beautifully packaged products like the iPod that totally changed the way we listen to and buy music. “Whether a Pixar movie or a Mac book, I was always awed by his ability to apply beauty and imagination to technology,” he says.
Isaacson himself espouses balance in life, along with the value of learning good lessons about creativity from extraordinary people, but not emulating them in every way.
In what he describes as a “warts and all portrait” of Jobs that shows where the innovator’s well-known management style often got in the
way of things, Isaacson points out that Jobs still “started his company in his parents’ garage and turned it into the most valuable company in the history of the world.
“Steve was a rough individual and was mean to people at times, but he drove them to do things that they didn’t think they could do,” Isaacson observes.
Could a kinder, gentler Steve Jobs have transformed the personal computer industry, the publishing industry and retailing as he did? “You have to judge someone by the outcome,” Isaacson says. “He formed the greatest team of executives in Silicon Valley and they were fiercely loyal to him. He had a truly loving family with whom he spent a lot of time at the end and they deeply cared about him. When you judge someone’s personality, you have to step back a bit. He wasn’t a saint, but he was successful.”
In writing Jobs’ biography, Isaacson says he “wanted to get out of the way of a fascinating story. Others would come along later and analyze his life and style and management techniques, but I had access to him and wanted to let him tell the story.” Still, he interviewed more than 100 people
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
Isaacson espouses balance in life, along
with the value of learning good lessons about creativity from extraordinary people,
but not emulating them in every way .
Keen Observations on InnovationBiographer, Strategist and Thinker IsaacsonSheds Light on What It Takes to Be a True Leader
Photo courtesy of Patrice Gilbert
whose lives intersected with Jobs’ to bring a broader, fuller perspective to readers.
Isaacson himself seems to relish his life as a biographer and head of a major think tank. “After 25 years of being in the high-pressure news business,” he says, “it’s time to step back and reflect.” The former head of CNN says he is uncomfortable with the 24-hour news cycle where “everyone is reporting every hour speculation and unverified theories. I think it’s important for all of us to know how to step back a bit, form calmer judgments and not feel the need to keep up with an hourly news cycle.”
He also is a firm believer in the power of the biography to enlighten. Isaacson related that he came across a memo written by Henry Kissinger while trying to arrange a peace treaty between Israel’s Golda Meir and Egypt’s Anwar el-Sadat in mid-1970s that read: “When I was a professor at Harvard, I used to think history was determined by great forces, but now that I see it up close, I see what a difference individuals make.”
That’s a lesson to learn, if not to emulate.
By Susan R.A. Honeyman
To learn more, visit us at adaptik.com/scenario31
CUSTOMER SCENARIO #31: Responding to new realities
How quickly can you respond to a hurricane?
Flexibility Defined.
VISIT US AT IASA Booth #1006
When Hurricane Andrew devastated south Florida, home improvements once considered non-essential (such as storm shutters) impacted P&C carriers’ expenses almost overnight.
One customer decided to add the newly required storm shutter discount to its home policies.
Time to implement this discount in their legacy admin system?
Three months.
Time to configure a new discount using PolicyWriter?
Ten minutes.
To learn more, visit us at adaptik.com/scenario31
CUSTOMER SCENARIO #31: Responding to new realities
How quickly can you respond to a hurricane?
Flexibility Defined.
VISIT US AT IASA Booth #1006
When Hurricane Andrew devastated south Florida, home improvements once considered non-essential (such as storm shutters) impacted P&C carriers’ expenses almost overnight.
One customer decided to add the newly required storm shutter discount to its home policies.
Time to implement this discount in their legacy admin system?
Three months.
Time to configure a new discount using PolicyWriter?
Ten minutes.
PAGE 6 | Monday, June 3, 2013 IASA DAILY NEWS
Surprises — and plenty of strategic insight — are in store for executives who attend the
chief operating officer and chief investment officer roundtables Monday at the IASA conference.
The roundtables, which run 1 to 5 p.m., are structured much differently from one another. The COO session consists of three long segments, while the CIO roundtable has six shorter segments.
The COO roundtable opens with “Operation Imperatives: Finding Common Ground,” a 90-minute segment that COO program chair Rod Travers promises will be “unique.” That’s when John Nichols of J.L. Nichols Training & Consulting will review some of the key concepts of effective negotiation explains Travers, an executive vice president at The Nolan Co. The presentation also will include role-playing between Travers and Jim Keal, assistant vice president of operations at Argent Insurance.
“This is a high-level introduction to negotiation tactics and techniques,” Travers says. All operations executives should be able to take something away from this session, because “they’re really in a nexus type of role a lot of the time,” dealing with various organizational divisions.
What’s more, the techniques explored in this session — a
condensed version of what Nichols typically teaches in a two-day course — are “not just applicable to your business role either. [They are] applicable in your personal life,” adds Travers. “This is a departure from anything we’ve done in the past.”
In the next, hour-long segment, “Issues and Answers: COOs Discuss the Real World,” a panel of experts will discuss the challenges they have faced and plan to engage the audience for their input. For example, an audience-response system will allow attendees to weigh in
on various topics, with results available immediately.
The scheduled panelists for this segment are Jim O’Boyle, vice president at AXA Equitable Life; Richard V. Poirier, COO at Church Mutual; Leroy McCarty, COO at Fidelity Security Life; R. Scott Eisdorfer, senior vice president and chief administrative officer at Navigators Group Inc.; and Steve Discher, executive vice president at The Nolan Co. Kenneth B. Zieden-Weber, senior vice president
& COO/CFO at Xchange Benefits LLC, will moderate.
In the final 90-minute segment, “COO Solutions Challenge,” attendees will be divided into three teams for an exercise in handling challenges and capitalizing on
opportunities. The hypothetical topic will be be disclosed once the segment begins. Each team will be assigned a team leader from among Philip S. Augur, COO at Arch RE Facultative Underwriters; Steve Boyd, president of the Commercial Lines Division at Arrowhead General Insurance; and Jacquline Morales, senior vice president-retirement solutions at AXA. Travers and Don West, vice president, client services, at State National Insurance will judge the competition.
The CIO roundtable begins with an economic outlook by Joseph S. Tanious, executive director and global market strategist at of J.P. Morgan Funds. In his 45-minute presentation, Tanious is expected to cover current economic conditions and J.P. Morgan’s outlook on where the economy is headed, says Nathan Felix, chair of the CIO roundtable program and chief financial officer at Great Western Insurance.
In the roundtable’s next 30-minute segment, a pair of
investment experts not only will advise attendees where their best investment opportunities lie, they also will provide critical analysis of attendees’ current portfolios, according to Felix. That segment, “Threading the Needle: Taking Advantage of Investment Opportunities,” will feature Marco Bravo, vice president and senior portfolio manager at AAM Co., and Tom Frazier, vice president and CIO at Mainstreet America Group.
During presentations at previous CIO roundtables, an AAM representative has collected data on the investment decisions made at attendees’ companies, then, based on that data, offered an
outlook for the group’s aggregated strategy, Felix notes. “It’s been very well received in years past,” because of the research that underpins the presentation.
The next half-hour segment, ”How Accounting is Affecting CIOs Today,” features Scott Erickson, director of product management at Clearwater Analytics, and Richard Robinson, senior vice president and the CFO at the Savings Bank Life Insurance Co. of Massachusetts. SBLI is a Clearwater client.
In the next segment, “The Ostrich Strategy: Is Deniable Viable?” a representative of the Optimal Service Group, an investment advisory unit of Wells Fargo, is scheduled to discuss not only investment strategy but also what a company should look for when selecting an investment manager.
The remaining 95 minutes of the roundtable will be split between a “Panel of Your Peers”
discussing their most pressing challenges and a segment wrapping up the afternoon’s discussion.
The scheduled peer panelists are Aaron Diefenthaller, CIO at RLI Corp.; Nathan Harnetiaux, portfolio manager at Kemper Corp. Services; and Allen Houck, senior executive, accounting and investments, at N.C. Farm Bureau.
Frank Conde, chief investment strategist at Prime Advisors Inc., will moderate the wrapup segment.
Private receptions sponsored
by Insurity immediately follow the roundtables.
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
C Suite Crossfire COO and Chief Investment Officer Roundtables Promise Plenty of Lively, Interactive Discussion
By Dave Lenckus
Rod Travers
Nathan Felix
“This is a departure from anything we’ve done in the past .” — Rod Travers, COO Roundtable Program Chair
In the space of a few months, seven leading insurers have selected OneShield as their core systems provider. They’re harnessing the power of Dragon to quickly expand into new markets
and rapidly introduce products and services into multiple geographies across the globe. Join us to leverage a proven industry solution in production across a combined 44 commercial,
personal and specialty lines of business. Things are getting hot!
We are proud to welcome the following insurers to the OneShield family.
Competitive Fire
www.oneshield.com
In the space of a few months, seven leading insurers have selected OneShield as their core systems provider. They’re harnessing the power of Dragon to quickly expand into new markets
and rapidly introduce products and services into multiple geographies across the globe. Join us to leverage a proven industry solution in production across a combined 44 commercial,
personal and specialty lines of business. Things are getting hot!
We are proud to welcome the following insurers to the OneShield family.
Competitive Fire
www.oneshield.com
PAGE 8 | Monday, June 3, 2013 IASA DAILY NEWS
IASA Plays MatchmakerLargest-Ever Vendor Connect Tour Aims to Connect Buyers, SellersBy Michael P. Voelker
The vendor community always makes a strong showing at the IASA Annual Conference,
and 2013 is no exception.
“We have over 230 vendors registered for the exhibit hall — the largest number ever,” says Mark Roth, Vice President of Business Development, IASA.
With so many vendors in attendance, IASA has devised a strategy to help attendees focus on solutions that best address their needs. Vendor Connect Tours match buyers and sellers around one of many different topics and goals, with tours designed to give attendees a short, high-level presentation on key features and capabilities.
“We offer tour attendees a quick, five-minute snapshot of the products and services that each company offers,” Roth says. “It’s a nice way to find out what is most relevant to your organization, allowing you to go back and have a more detailed conversation later.”
Tour stops are limited to 10 vendors. This year’s tour will also be larger than ever, with a record-high 700 participants scheduled.
New Tours, Old Favorites
Two new tours highlight this year’s session, with the first on SaaS/Cloud Insurance operations.
“In the industry, within the increased emphasis on core system replacement there is a trend toward alternative delivery of those systems. That is driving the interest behind SaaS and Cloud,” explains Roth.
Cloud computing, SaaS and hosted solutions are expanding insurers’ system delivery options. These solutions can vary from single functions such as reporting to full-function policy administration systems and promise to help companies be more agile, competitive and cost-effective.
Cloud is poised to become an increasingly important part of computing and infrastructure
strategies over the next several years as the potential benefits, including reduced operating costs and faster speed to market, become clearer. The SaaS/Cloud tour will focus on flexible price offerings and the benefit to the bottom line, along with reducing the cyber risks
associated with these types of software delivery.
The second new tour will focus on emerging technologies. Although the definition of “emerging” continues to change, stops on this tour will have one thing in common.
“What defines a technology as ‘emerging’ is not just that it’s new, but that it has the ability to deliver real business value and a benefit to both productivity and the bottom line,” says Roth.
The Emerging Technology tour will allow participants to explore what is up and coming for the insurance industry in terms of software, hardware, network solutions, and other areas. With a focus on ROI and awareness of the need to future-proof technology investments, the tour will also put participants in a better position to make informed decisions about both the tactical and strategic potential of new technology.
Other tour sessions include Accounting, Audit, and Consulting Services; Policy Administration; Billing and Electronic Payment Processing; Insurance Software Suites; Business Intelligence and Predictive Analytics; Claims Systems and Services; Custody, Banking, and Financing; Content Management and Workflow; Rating, Product Definition and Configuration Tools; Investment Management Systems; Agency and Consumer Portals; Financial Software and Systems; and Reinsurance Systems and Services.
Hot TopicsBusiness intelligence in
particular has been a hot tour session. “You can’t pick up any industry journal without reading about analytics,” Roth says. “We have dozens of vendors offering
predictive analytics services, and it’s clear that insurance organizations are looking for effective tools to give them meaningful insight into their data.”
With sessions covering a breadth of topics, there’s something for everyone who participates in a Vendor Connect Tour. “The exhibit
hall continues to grow,” Roth predicts. “Each year it exceeds our expectations.”
If you’re not already signed up for a tour, simply go to the staging area before scheduled tour starts to get onboard.
“What defines a technology as
‘emerging’ is not just that it’s new, but that it has the
ability to deliver real business value and
a benefit to both productivity and the
bottom line.” — Mark Roth, Vice President of
Business Development, IASA
Mark Roth
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
To be successful in technology forecasting, budgeting and strategy, insurers will need to master five “Next Gen Technology Leadership Knowledge Sets” and be able to answer four “Must Know IT New Knows.” All of those which will be detailed in Monday’s Super Session and promise to change the way attendees think about the future of technology.
“The starting point for differenti-ated future-making competence is psychological,” May explains. “Organizations who are best able to plan about the future of technology think about the future differently than ones who don’t.”
The reason many companies fail at future planning — and the reason so many technology forecasts are
inaccurate — is that prognosticators assume the future will simply be an addition or subtraction from the present.
PAGE 10 | Monday, June 3, 2013 IASA DAILY NEWS
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
ments in technology, organizations need to recognize that the future will be different and use that recognition to paint a picture of what that future looks like.
“The picture of what the future looks like must be deconstructed into the skills sets required to prosper,” says May. Those skills must then be taught or acquired in order for organizations to be prepared for what the future entails.
Fostering Future Success
Over 80 percent of Global 2000 companies do not consider technology forecasting, technology strategy, or IT budgeting a core competency. May believes the reason for this is that at many organizations, executives have little or no real idea how IT is spending money today. Additionally, the reason many companies fail at future planning — and the reason so many technology forecasts are inaccurate — is that prognosticators assume the future will simply be an addition or subtraction from the present.
“The thinking of ‘this year plus 10 percent’ still drives most IT planning,” May says.
Tour of the Tech Future Super Session with Thornton May to Focus on Tomorrow’s Top Tech Tools
Every week, Thornton May talks to executives across industries about what they are doing in IT
and what’s motivating them to do it. The surprising insights gained from this empirical research provide the backdrop for his keynote presenta-tion at Monday’s Technology Super Session, “Managing Technology Futures.”
“I hypothesize that deep in the back of the minds of many boards of directors in the insurance industry, there lurks a nagging belief that they are not getting full value from investments in information tech-nology — a feeling of doubt that is very consistent with the experience of other vertical markets,” says May.
Addressing those doubts and helping companies plan for the future of technology are objectives of Monday’s session.
May is a futurist and executive director and dean of the IT Leader-ship Academy in Jacksonville, Fla. His experience researching and consulting on the role and behaviors of C-level executives in creating value with information technology has won him an unquestioned place on the short list of serious thinkers on this topic. A gifted storyteller, May combines a lively style with detailed research to create an experience for session attendees that is both informative and entertaining.
Named one of the Top 100 Most Influential People in IT, May has established a reputation for
innovation in time-compressed, collaborative problem-solving. His insights have appeared in dozens of journals, newspapers, and other media. He is also the author of The New Know: Innovation Powered by Analytics.
Greater Valuefrom Technology
Organizations that are adept at gaining greater value from future technology share three skill sets: future awareness, future preference, and future preparation. In building future awareness, organizations should not treat the word future as a noun — a place or a thing — but rather as a verb, a mode of behavior.
“Organizations have to be viscerally aware that next will be fundamentally different from now,” May says.
According to May, best practices in future awareness include time-stamping all key enterprise processes and technologies. This entails timing how long a given process takes, branding various pieces of the technology with a sunset date, and estimating the costs of replacement or termination. Companies should also undertake an annual exercise to “exfoliate” portions of the existing technology portfolio that have outlived their usefulness.
“Organizations spend all their time and attention at the front end of the technology digestion process and little or no time and effort at the back end, which is a mistake,” May explains.
Future preference deals with organizations’ ability to shape the kind of future they want to experience. “Organizations successful at ‘futuring’ have a point of view on how they want the future to be different,” says May. “However, only 40 percent of the Global 2000 have an IT Road Map — a pictorial description of where IT is going.”
In building future preparedness and realizing full value from invest-
By Michael Voelker
“Organizations have to be viscerally aware that next will be fundamentally different from now.” — Thornton May
Thornton May
PAGE 12 | Monday, June 3, 2013 IASA DAILY NEWS
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
With the National Association of Insurance Commissioners’ Risk
and Solvency Assessment (ORSA) regulation bearing down on insurers, the IASA is planning a timely super session, plus a track of technical sessions, on complying with the new enterprise risk-reporting mandate, to keep its members informed and updated.
“We had it as a super session two years ago, and now a lot [of the regulation] has been implemented” by IASA members, particularly large companies, explains
Dotti Augustine, chair of IASA’s Accounting, Risk Management and Finance Committee. Given the impact of the regulation, it’s important to give IASA members a forum to draw from one another’s knowledge and experience, says Augustine, director of client services at Aon Benfield.
“In the insurance industry, companies are very good at helping clients manage risks, but doing it for themselves is a very different task,” observes consultant Mary Peter, who will moderate and speak at the super session. Peter is director,
enterprise risk management, at Eide Bailly LLP.
Linda Conrad, director of strategic business risk management at Zurich Insurance Co. Ltd., also is due to sit on the super session panel. Her plan is to share the approach that Zurich has taken recently to develop its ORSA report. “Zurich has all the pieces it needs to write its report,” Peter asserts.
The NAIC in March finalized guidelines for the ORSA report, which large and mid-sized insurers must deliver by Jan. 1, 2015.
Insurers must comply with the regulation if they meet certain annual direct written premium and unaffiliated assumed premium thresholds: $500 million or more for individual insurers and $1 billion or more for insurer groups.
At this point, insurers “need a
plan” for setting out how different risks impact their organizations across departmental and divisional lines, says Peter.
Larger insurers like Zurich likely have committed more resources and time to developing their
ORSA reports than have mid-sized companies, “so a mid-sized market can learn from larger companies if its own plan doesn’t yet meet the ORSA requirements,” she notes.
Still, some large companies have yet to fully resolve how to comply with the new NAIC rule. This super session should be instructive to them as well, says Peter. The super session will survey the issues insurers face in developing their individual reports, while each of the ARF Committee’s six technical sessions on the regulation will dive deeper into the nitty gritty details of the new regulation.
Collectively, these sessions may prove valuable to insurers that still are deciding how to structure their reports, since templates may not be practical given insurers’ varying risk profiles.
“Insurance companies are very diverse,” Peter explains. Some are single-line companies operating in one state, while others write multiple lines across a region or nationally. Some are life/health insurers, and others are property/casualty companies. Many are for-profit companies, but some are
non-profits. In addition, insurers distribute their products and services in various ways.
“So how they manage those risks,” she says, “would vary considerably.”
To stay a step ahead of new regulations, insurers need to fully understand the past and present while analyzing the future, she asserts. “You just can’t look in your rearview mirror. You have to have a strategic plan that considers emerging risks and how fast they’re coming — whether you want to put on the brakes or speed up because you’re comfortable managing your risks” and the opportunities they provide. “It’s like looking through the windshield of your car.”
Moreover, enterprise risk has to be analyzed both quantitatively and qualitatively, Peter notes. Consider reputation risk. “It’s very difficult to quantify, but you know when it happens. If controls are in place to respond, you may be more nimble to respond to those issues and avoid a loss.”
What’s more, how a company responds to the new regulatory environment might ultimately provide it with a competitive edge.
“In the insurance industry, companies are very good at
helping clients manage risks, but doing it for themselves is a
very different task .” Mary Peter, Eide Bailly LLP
ARF sessions help insuranceindustry leaders assess their risk readinessBy Dave Lenckus
Get ORSA-Ready
Analyze internal and external data to provide dashboards and reports that spot trends, drive customer centricity, growth and retention, assess underwriting and operational risk, predict fraud, analyze customer, product and portfolio profi tability, optimize channels and assess claims costs.
Enhance existing operations and create new business models that are robust, profi table and diffi cult to duplicate with faster product development, multi-channel engagement, enhanced customer experience, operational effi ciencies, improvement and innovation across the insurance value chain.
Challenge all areas of the business to create value, differentiation and drive performance through an effi cient and effective business model, expanding product and distribution channels, growing and enhanced customer relationships and reduced costs to create sustainable success.
Contact Innovation Group today to help your company prepare for change and be future-ready!
Fast-changing customer and market demands challenge insurers to utilize technology for insight, innovation and performance, and deployment of that technology to achieve fl exibility and agility. The power of choice is just as important to insurers as to policyholders and agents who
want to select their insurer to buy and service their needs anytime, anywhere, anyhow and through any channel to truly be future-ready. For insurers, choice means being able to drive the way you confi gure, deploy and upgrade your core insurance systems, today and in the future.
Customer Base 2011 Breadth of Functionality 2011 Advanced Technology 2011
Market Leading Core P&C Insurance Suite. All Lines of Business. Rule of One. Extensive User Experience. Insurance Specifi c Analytics. Pricing Flexibility. Implementation Choice.
I N N O VAT I O N I N S U R A N C E S E R V I C E S :
Claims Management Expertise. Process Optimization. Managed Networks for Auto and Property. Supply Chain Access. Business Agility and Scalability.
FutureReady_IASA_sd_June13.indd 1 5/24/13 6:03 PM
Analyze internal and external data to provide dashboards and reports that spot trends, drive customer centricity, growth and retention, assess underwriting and operational risk, predict fraud, analyze customer, product and portfolio profi tability, optimize channels and assess claims costs.
Enhance existing operations and create new business models that are robust, profi table and diffi cult to duplicate with faster product development, multi-channel engagement, enhanced customer experience, operational effi ciencies, improvement and innovation across the insurance value chain.
Challenge all areas of the business to create value, differentiation and drive performance through an effi cient and effective business model, expanding product and distribution channels, growing and enhanced customer relationships and reduced costs to create sustainable success.
Contact Innovation Group today to help your company prepare for change and be future-ready!
Fast-changing customer and market demands challenge insurers to utilize technology for insight, innovation and performance, and deployment of that technology to achieve fl exibility and agility. The power of choice is just as important to insurers as to policyholders and agents who
want to select their insurer to buy and service their needs anytime, anywhere, anyhow and through any channel to truly be future-ready. For insurers, choice means being able to drive the way you confi gure, deploy and upgrade your core insurance systems, today and in the future.
Customer Base 2011 Breadth of Functionality 2011 Advanced Technology 2011
Market Leading Core P&C Insurance Suite. All Lines of Business. Rule of One. Extensive User Experience. Insurance Specifi c Analytics. Pricing Flexibility. Implementation Choice.
I N N O VAT I O N I N S U R A N C E S E R V I C E S :
Claims Management Expertise. Process Optimization. Managed Networks for Auto and Property. Supply Chain Access. Business Agility and Scalability.
FutureReady_IASA_sd_June13.indd 1 5/24/13 6:03 PM
PAGE 14 | Monday, June 3, 2013 IASA DAILY NEWS
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
Senior Vice President of Operations & ManufacturingSteve Grande
President, Insurance GroupJeff Patterson
www.Propertycasualty360.com
Tweet Your Way To An iPad Mini
Are you new to social media? Want to find out what all the buzz is about but lack
a Twitter account? By entering the Twitter contest at this year’s conference, you’ll not only get a Twitter account, you’ll learn how to use it — and in the process, gain a chance to win a tablet computer.
Here’s a golden opportunity to tweet your way to an iPad Mini. The IASA Educational Conference and Business Show is offering attendees a hands-on social media tutorial. Stop by the Social Media Desk in the Exhibit Hall and learn how to join the conversation. Associates will help you create a Twitter account, teach you how to Tweet, explain hashtags, and assist you in boarding the social media train.
Newcomers and veterans of social media are encouraged to visit the Social Media Desk to share and promote their conference experiences.
Here’s a great way to learn how to build your business and stay in the information loop in your industry through Facebook, LinkedIn and Twitter, as well as Google+ and Instagram. Social media experts will explain the difference between the platforms, help you to get engaged with your colleagues at the IASA conference, and show you how to build your contact lists for networking after the conference.
Because when it comes to a valuable business-building tool like social media, it’s better to be late to the party than a no-show.
Eligibility — • Registered conference attendees, exhibitor attendees or presenters.• Entry is limited to personal Twitter accounts only; corporate accounts are not eligible to win.• Employees of IASA and the Sponsoring Company are not eligible to win.
What can be Tweeted —• Users will be encouraged to Tweet about the exhibit hall, a favorite booth, an educational session, a particular speaker, features of the Gaylord hotel, or the entertainment at the conference.• Tweets by exhibitor attendees may not be pro-motional about their own company’s booths or activities. • All Tweets must use the conference hashtag #IASA2013 to be eligible.• Winning Tweets must come from an account that is following the @IASAInc Twitter account.
Timeframe —• Tweets by qualifying individuals (see above) posted with hashtag #IASA2013 between Sunday, June 2, 2013, at noon, and Tuesday, June 4, at 10:00 am, are eligible for the contest.
Selecting winners —• The winner will be determined by a random drawing of all Tweets included in the pool of potentially eligible entries. The drawing will be conducted at the IASA exhibit booth at or around 11:00 am EDT Tuesday June 4, 2013. Entrants need not be present to win. For more details about the Twitter contest, see the flyer that was distributed in the conference tote bag, or stop by the Social Media Desk in the Exhibit Hall. Get your digits ready, Tweeters!
Rookie Tweeters Welcome
By Suzie Mitchell
Get engaged and stay engaged on Twitter throughout the IASA conference and you’ll have a chance to win an iPad Mini, while
building your base of social media contacts in the process.
The social media contest being held at this year’s IASA conference is sponsored by BNY Mellon and it’s open to attendees and exhibitors. The goal is to encourage people to share what they see and hear around the conference and improve Twitter engage-ment among IASA members and other attendees, including vendors. Here’s how it works:
Visit us at booth #1302
Visit us at booth #1302
PAGE 16 | Monday, June 3, 2013 IASA DAILY NEWS
G A Y L O R D R E S O R T & C O N V E N T I O N C E N T E R | W W W . I A S A . O R G
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a five-year period. Each team will vie to end the exercise with the greatest amount of surplus.
As in years past, Bawden says he plans to convene groups of seminar attendees to evaluate case studies and draw their own conclusions about how insurers in those cases should
have managed certain situations. “We’re going to put people a little bit in an un-comfort zone.”
Bawden plans to use different case studies that he says reflect the most up-to-date modifications in accounting principles.
Because the United States has not yet adopted International Financial Reporting Standards, neither
Bawden nor Rice plans to spend much class time on them. FASB, the organization that establishes GAAP accounting standards, and the
There’s plenty for industry newcomers and veterans alike to learn at this year’s IASA
conference. about the insurance industry’s unique, constantly changing and often complex accounting principles. Instructors leading separate seminars for life/health and property/casualty insurance accounting professionals will provide an in-depth look at the fundamentals of statutory accounting while reviewing the latest updates to those standards. The seminars run throughout the IASA conference. IASA has once again partnered with printing services provider R.R. Donnelley & Sons Co. to present the seminars.
The accounting principles seminars were conceived about a decade ago with the goal of aiding accounting professional who have one to five years of experience in the insurance industry — even those with previous experience in another industry.
In college, accounting students learn Generally Accepted Accounting Principles, the standards with which all U.S. companies must comply. Insurers are no exception; they must comply with GAAP when preparing insurers’ financial reports for investors.
But the GAAP principles developed by the Financial Accounting Standards Board are only part of the equation. State insurance regulators also require insurers to prepare their
books in accordance with statutory accounting principles, which is “something you don’t learn in college,”
says life/health seminar instructor Bill Bawden of Toronto, a retired PricewaterhouseCoopers partner.
The difference in perspectives between the two sets of principles is dramatic. GAAP is based on the notion that the organization under review is an ongoing concern. Conversely, statutory accounting assesses the claims-paying ability of an insurer as if it has to cease operating immediately. “Statutory accounting can be pretty complex if you’ve never been exposed to it before,” Bawden observes.
While the seminars tend to draw accounting professionals with little experience in the insurance sector, the life/health seminar last year drew a few seasoned accounting professionals “who were pretty knowledgeable,” Bawden recalls. Throughout that seminar, which was the first one Bawden led, “people were pretty engaged. I was impressed with that.”
As he has the past several years, Grady Rice, a principal at GDR Insurance Answers LLC of Denton, Texas, will serve as instructor for the property/casualty segment.
Both instructors say they will be adding some new twists to their seminars. For example, people attending the property/casualty seminar will be assigned to groups that will walk through a two-hour simulation exercise designed to expose the simulated insurers to various developments, with each group’s insurer tasked to handle the same case. The groups then must respond to either manage their insurer away from an adverse development or make the most of an opportunity. Teams will have to decide how much premium to write, how to manage loss ratios and how much reinsurance to purchase for their groups’ insurance companies over
Inside the NumbersMust-attend session delivers the latest in life/health and property/casualty accounting principlesBy Dave Lenckus
Bill Bawden, Accounting Seminar Instructor
Grady Rice, GDR Insurance Answers
We’re going to put people a little bit in
an un-comfort zone .
Bill Bawden
International Accounting Standards Board, are developing the IFRS with the goal of having it serve as the global accounting standard. Their work is progressing but not complete.
JOIN JAY FISHMAN FOR EDGESEPTEMBER 29 – SEPTEMBER 30, 2013Marriott Hartford Downtown • Hartford, Connecticut
This year IASA is pleased to have Jay Fishman, Chairman and Chief Executive Offi cer of The Travelers Companies, Inc. as the Monday keynote speaker. Please join us on Monday, September 30th for an intimate “one on one” conversation with Mr. Fishman that will address topics ranging from industry specifi c issues to current global matters that impact all of us personally and professionally.
The 2013 program features a panel of industry experts who will share their insights and invite audience participation in a discussion about the road ahead for the insurance industry, ERM and a thought-provoking session addressing competitive, operational and IT strategy and management issues. And as always, the day will include
our unique and interactive discipline-specifi c break-out discussions with your industry peers. Along with the excellent educational program, an executive golf outing and dinner afford EDGE attendees with networking opportunities in a setting ideal for interacting with peers and exchanging ideas.
Plan now to join IASA for “Education Dedicated to Growth and Excellence.” www.iasa.org/EDGE
ONE ON ONE WITH JAY FISHMAN
Monday, September 30, 2013
SAVE THE DATE!
IASA2013ExecEdgeAdIntrp09.indd 1 5/31/13 11:43 AM
JOIN JAY FISHMAN FOR EDGESEPTEMBER 29 – SEPTEMBER 30, 2013Marriott Hartford Downtown • Hartford, Connecticut
This year IASA is pleased to have Jay Fishman, Chairman and Chief Executive Offi cer of The Travelers Companies, Inc. as the Monday keynote speaker. Please join us on Monday, September 30th for an intimate “one on one” conversation with Mr. Fishman that will address topics ranging from industry specifi c issues to current global matters that impact all of us personally and professionally.
The 2013 program features a panel of industry experts who will share their insights and invite audience participation in a discussion about the road ahead for the insurance industry, ERM and a thought-provoking session addressing competitive, operational and IT strategy and management issues. And as always, the day will include
our unique and interactive discipline-specifi c break-out discussions with your industry peers. Along with the excellent educational program, an executive golf outing and dinner afford EDGE attendees with networking opportunities in a setting ideal for interacting with peers and exchanging ideas.
Plan now to join IASA for “Education Dedicated to Growth and Excellence.” www.iasa.org/EDGE
ONE ON ONE WITH JAY FISHMAN
Monday, September 30, 2013
SAVE THE DATE!
IASA2013ExecEdgeAdIntrp09.indd 1 5/31/13 11:43 AM
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