Social hackathon at the LIMRA Social Conference

One such example is a company that is testing a wristband and a device that goes into a back brace that will be available for workers who lift very heavy objects as part of their jobs. The device will gather data and feed it back to managers, who will in turn analyze the data and give workers feedback about preventive care. The device also alerts workers to adjust their postures. In a field test, the device proved to help one worker adjust his posture and avoid workplace-related injuries in just an hour.

Bailey then asked attendees of the session to think about the problems that the industry has right now and how they could solve them. He urged the audience to use the Stanford Business School process for solving complex programs, which follows these steps:

• Empathize
• Define
• Ideate
• Prototype
• Test

The attendees, who were divided into teams, provided some thoughtful conclusions:

• Be open-minded. Realize that technology is going to change everything, including our culture.

• Technology can enable and empower life insurance distribution.

• Advisors should focus on building relationships and provide localized marketing strategies.

• In order to have more engaged customers, life insurance should be transparent and easy for people to understand.

• Bring financial education to the younger generation through gamification, or by creating opportunities for students to shadow financial experts in their day-to-day roles.

• Provide value-added mentorship programs for agents who have been in the industry for less than 2 years, to foster agent retention

See also:

Consumer interest in online research, growing in U.S., Canada