As an example of ways in which the new organization of LL Global can help the financial services industry, Howard Drescher of LIMRA points to something LIMRA has already done on its own: educating insurance agents on anti-money laundering practices in the wake of the Patriot Act. “This was a huge challenge,” he says, “with literally hundreds of thousands of intermediaries–agents, independent agents, broker/dealers on contract–who had to be able to certify that they had received anti-money laundering training.” LIMRA put together a program with content it generated, and worked with an online service to provide the platform.
“We were able to accomplish a massive training mission,” says Drescher. The agents, he notes, did not have to go through their companies to be trained, but could work directly through LIMRA, although the training was only certifiable for companies that had partnered with LIMRA and paid for the training. But this made it a seamless process for agents, he explains, pointing out that an agent contracted with 10 companies to sell insurance products could be certified with all 10 if they had signed on with LIMRA to support the training. “We may have saved the industry anywhere from $10 million to $12 million by putting together that training,” says Drescher.