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Tech Vendors Court Life Insurers in Baltimore

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The underlying theme of many old romantic movies was that, if only the young librarian took off her glasses and styled her hair, she’d be beautiful.

The theme of the 2019 Life Insurance Conference appears to be: Once life insurers re-do their information technology and added artificial intelligence and blockchain system, they could show those shallow mutual fund companies who’s boss.

(Related: LIMRA Aims to Surf the Tech Wave)

Insurtech dominated the conference exhibitor hall and the speaker list this week, in Baltimore.

LIMRA organized the three-day conference together with its sister organization, LOMA; the American Council of Life Insurers (ACLI), and the Society of Actuaries (SOA).

David Levenson, who’s LIMRA’s new chief executive officer, and Susan Neely, who’s the ACLI’s new CEO, talked at a conference general session about how to stay relevant in a rapidly changing world.

Companies such as Andesa Services, Equisoft, FAST, Majesco, LexisNexis Risk Solutions, NTT Data, SE2,  S&P Dow Jones Indices and Vitech were at the conference in force.

NTT Data, for example, was a top, diamond-level conference sponsor. The company — which now owns Dell — came to the exhibit hall with a poster explaining that it’s the second largest coverage administrator in the United States, with more than 30 customers and about 5 million policies administered.

Equisoft offered a video showing how it has helped Columbian Financial Group use the Oracle Insurance Policy Administration System modernize its systems.

One sign of how intense competition in the insurance technology modernization market is getting is that Equisoft tweeted out a suggestion that conference attendees come by its booth to talk about “specific wealth management or data conversion challenges,” and to “inquire about our flexible pricing.”

Equisoft also tweeted out headshots of the company executives at the conferences, with invitations for attendees to come by the company’s booth to talk to those executives about how to make over their tech.

Many of the same vendors will have a chance to court a slightly different group of insurance company executives from today through Friday, as the LIMRA LOMA Secure Retirement Institute and the SOA follow the 2019 Life Insurance Conference with the 2019 Retirement Industry Conference, in the same location.

— Read Life Activity Continues to Move in a Strange Wayon ThinkAdvisor.

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