Some years ago I attended a LIMRA Annual Conference. For those of you not on the life insurance side of the insurance house, LIMRA is a firm that focuses on life insurance marketing and distribution issues and trends. Their employees are verytalented statisticians and others with quantitative skills. Life insurers from around the world are members of LIMRA. The Annual Conference is squarely focused on CxO level executives. (I was a management consultant at the time paying a steep entry fee striving to generate business from these aforementioned senior executives).

There was a big tent speaker who I have never forgotten. He had a flip chart on the stage – his only prop for his entire presentation – and on the first page he had written DK / DE.

His themes were quite straightforward. He told the audience of assorted senior executives that their companies had no “Deficiency of Knowledge.”  However, there was a significant “Deficiency of Execution” because insurers just did not get the job done in a timely manner nor in an effective manner.

If this person was delivering a similar presentation today, he might vewry well add DRM (no, not for digital rights management). He could discuss the fact that insurers have a deficinecy of risk management …. in their asset / liability matching, in the target markets they go after (hello, coastal properties!!), and in …

Well, in what? What other areas do insurers demonstrate a deficiency of risk management? And is it still true – or was it ever true – that insurers exhibit a deficiency of execution?

Published in: on November 23, 2009 at 9:12 am  Leave a Comment  
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