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June 05, 2018 at 08:03 PM
About 30 companies in the life insurance and retirement services markets are teaming up to defend themselves against crooks who are trying to defraud them and their customers.
LIMRA and LOMA, two arms of LL Global, will be hosting an organizational meeting for executives from the companies at LL Global’s headquarters in Windsor, Connecticut, on June 13.
Bob Kerzner, the president of LIMRA, LOMA and LL Global, talked about the new project earlier this week in an interview.
(Related: Retirement Services Group Forms Data Security Alliance)
Kerzner said he has been thinking of the new group as a “fraud information bureau.”He said he expects the group to provide a forum that top-level financial services company managers can use to share critical information about new types of attacks, such as new efforts to use stolen personal information to loot assets from customers’ annuities and life insurance policies, Kerzner said.
The members of the new group will come up with the group’s name, describe the group’s mission, and shape the systems needed to implement the mission, Kerzner said.
LIMRA and LOMA help financial services companies gather data on industry trends and share ideas about how to manage the sale and administration of life insurance policies, annuities and other financial services products.
The groups have about 100 committees. Members of the committees have been talking about the need for a new mechanism to for exchange fraud-fighting information, Kerzner said.
