Connecting Business and Technology the Focus of 2013 ACORD LOMA Forum

Rapid innovations in communications, data storage and computing are transforming global business like never before, and insurance professionals will need to adapt to stay ahead of the curve. “To understand the difficulty of predicting the next 100 years,” says keynote speaker Michio Kaku in his New York Times bestseller Physics of the Future, “we have to appreciate the difficulty that the people of 1900 had in predicting the world of 2000.” Recent technological advances have forever altered the insurance market—and the economy as a whole—and even seasoned industry veterans will need to acquire new knowledge and skills.

To help attendees thrive in this changing business environment, the 2013 ACORD LOMA Forum will focus on the intersection between existing insurance practices, revolutionary technologies and changing generational dynamics. “The insurance industry has been moving at such a slow pace,” says Malou August, ACORD's Director of Events Programs. “We're listening, and we've modeled our sessions around all of the feedback we've gotten. We're trying to get the program as relevant as we can for our industry.”

One of the most important themes of the Forum will be the convergence of information technology and business. “IT is no longer separate from business or vice-versa,” says August. “It's all blended now, and our program is dissolving into a very blended discussion.” Whereas IT was once a single component of the insurance business with distinct goals and roles, it's now an integral part of leadership, middle management and day-to-day affairs. Chief information officers are becoming increasingly influential, tech-oriented jobs are constantly being created, and the most successful insurance professionals are intimately familiar with their organizations' tech policies.

“Analytics and big data will be two primary topics,” notes Jim Huffman, LOMA Second Vice President of Management Solutions. Google, Facebook and other consumer-focused websites are well-known for information collection and aggregation, but data mining is now just as crucial in the business world. Relevant sessions will include “Customer Experience Competency” with iGate and “Business Analytics for Claims: Driving Superior Claims Management and Service” with Premier Prizm. These and other presentations will help attendees to apply big data practices to their own businesses, cutting costs and raising value in this increasingly commoditized insurance market.

Cloud computing, a feature topic at last year's Forum, will also be critical. “I think that ultimately we are going to go to a lot more cloud-based servers,” comments Forum speaker and E-commerce attorney Frank Zacherl. The explosion in cloud computing has not only expanded worldwide internet access, but increased the availability of useful software and critical data to consumers and professionals like. On Wednesday, Object Management Group will present “Cloud Computing Standards for the Insurance World” to help insurers take advantage of the cloud securely and efficiently.

Other points of interest will include social media, mobile technology and the regulatory issues surrounding electronically managed insurance. In the Discussion Session “Social Media in Business: Friend, Foe, or Who Cares?”, attendees will have the chance to discuss the benefits and drawbacks of social sites for B2B and B2C engagements. Insurance attorney Susan Stead will also present “Innovations in Insurance: A Regulatory Perspective” to explain the liabilities involved in social media and other emerging marketing tools.

Of course, technology isn't the only force for change in the insurance industry. Baby Boomers are beginning to retire, Millennials are making their way into the workforce, and these new generational dynamics are creating a whole new environment. “We're trying to attract a broader audience and bring younger generations into the fold,” says August. “We're doing a lot more social things within our sessions, reaching out more and more to the younger professionals.” Huffman agrees, noting that “We're seeing a lot of CEOs that aren't Boomers.” Forum speakers will touch on strategies for attracting younger employees and customers, noting the particular importance of social media among Generations X and Y.

In addition to the presentations, hands-on training and discussion sessions, the Forum will host three keynote speakers. On Monday, Watergate lead investigator Bob Woodward will kick off the Expo with a speech on leadership in government and business. On Tuesday, social media expert and bestselling author Charlene Li will discuss best practices for online customer engagement. And finally, Wednesday's Closing General Session will feature renowned physicist and futurist Michio Kaku, who will speak on the economic impacts of current and future technologies.

Overall, the 10th anniversary session of the ACORD LOMA Forum will help insurance professionals to meet the challenges of today's innovative, dynamic and increasingly tech-focused business environment. “Innovation permeates through the program,” says Huffman. “It's been there in years past, and now it's growing. We're trying to get companies to the next level, and we as an industry have not been the quickest to change. We need to change more quickly.”